The explosive growth in the number of devices connected to the Internet of Things (IoT) and the exponential increase in data consumption only reflect how the growth of big data perfectly overlaps with that of IoT. The management of big data in a continuously expanding network gives rise to non-trivial concerns regarding data collection efficiency, data processing, analytics, and security. To address these concerns, researchers have examined the challenges associated with the successful deployment of IoT. Despite the large number of studies on big data, analytics, and IoT, the convergence of these areas creates several opportunities for flourishing big data and analytics for IoT systems. In this paper, we explore the recent advances in big data analytics for IoT systems as well as the key requirements for managing big data and for enabling analytics in an IoT environment. We taxonomized the literature based on important parameters. We identify the opportunities resulting from the convergence of big data, analytics, and IoT as well as discuss the role of big data analytics in IoT applications. Finally, several open challenges are presented as future research directions.