The increasing need for economic, safe, and sustainable smart manufacturing combined with novel technological enablers has paved the way for Artificial Intelligence (AI) and big data in industries. This implies a substantial integration of AI, Industrial Internet of Things (IIoT), Robotics, big data, Blockchain, and 5G communications in support of smart manufacturing and the dynamical processes in modern industry. In this paper, we provide a comprehensive overview of different aspects of AI and big data in Industry 4.0 with a particular focus on key applications, techniques, the concepts involved, key enabling technologies, challenges, and research perspective towards deployment of Industry 5.0. In detail, we highlight and analyze how the duo of AI and big data is helping in different applications of Industry 4.0. We also highlight key challenges in a successful deployment of AI and big data solutions in smart industrial applications with a particular emphasis on data-related issues, such as availability, bias, auditing, management, interpretability, communication, and different adversarial attacks and security issues. Finally, we explore the significance of AI and big data towards Industry 4.0 applications through panoramic reviews and discussions. This work is expected to provide a baseline for future research in the domain.