The Internet of Things is perhaps a concept that the world cannot be imagined without today, having become intertwined in our everyday lives in the domestic, corporate and industrial spheres. However, irrespective of the convenience, ease and connectivity provided by the Internet of Things, the security issues and attacks faced by this technological framework are equally alarming and undeniable. In order to address these various security issues, researchers race against evolving technology, trends and attacker expertise. Though much work has been carried out on network security to date, it is still seen to be lagging in the field of Internet of Things networks. This study surveys the latest trends used in security measures for threat detection, primarily focusing on the machine learning and deep learning techniques applied to Internet of Things datasets. It aims to provide an overview of the IoT datasets available today, trends in machine learning and deep learning usage, and the efficiencies of these algorithms on a variety of relevant datasets. The results of this comprehensive survey can serve as a guide and resource for identifying the various datasets, experiments carried out and future research directions in this field.