The prospect of integrating every object under a unified infrastructure, which provides humans with the possibility to monitor, access, and control objects and systems, has played a significant role in the geometric growth of the Internet of Things (IoT) paradigm, across various applications. However, despite the numerous possibilities that the IoT paradigm offers, security and privacy within and between the different interconnected devices and systems are integral to the long-term growth of IoT networks. Various sophisticated intrusions and attack variants have continued to plague the sustainability of IoT technologies and networks. Thus, effective methodologies for the prompt identification, detection, and mitigation of these menaces are priorities for stakeholders. Recently, data-driven artificial intelligence (AI) models have been considered effective in numerous applications. Hence, in recent literature studies, various single and ensemble AI subset models, such as deep learning and reinforcement learning models, have been proposed, resulting in effective decision-making for the secured operation of IoT networks. Considering the growth trends, this study presents a critical review of recently published articles whereby learning models were proposed for IoT security analysis. The aim is to highlight emerging IoT security issues, current conventional strategies, methodology procedures, achievements, and also, importantly, the limitations and research gaps identified in those specific IoT security analysis studies. By doing so, this study provides a research-based resource for scholars researching IoT and general industrial control systems security. Finally, some research gaps, as well as directions for future studies, are discussed.