The Internet of Things (IoT) is a digital universe in which tangible daily items are welcomed into a networked digital environment. Virtual assistants, smart thermostats, and fitness trackers are all examples of existing IoT gadgets. IoT innovation is accelerating, bringing more sophisticated gadgets to market with enormous potential to improve human well-being in sectors such as smart cities, efficient manufacturing, and customized healthcare. The factual motto of the IoT revolution is artificial intelligence (AI), which leverages computational power to learn from the massive amounts of data produced by IoT sensors to provide intelligent solutions and accurate predictions thereby providing value to IoT devices. To gain a bird's eye view of the future development of AI applications for IoT (referred to as AI-IoT in this Article), one critical consideration is whether such technology can be protected by intellectual property in the form of patents, and the impact of such patents on the AI-IoT innovation landscape. Enduringly this paper presents the ideas of artificial intelligence and machine learning together with defining its requirements, in the IoT.