The gap between new-age jobs & availability of a skilled workforce is widening have shifted focus to academic-industrial collaboration nurturing applied research innovation, technology transfer & creation of a skilled workforce. This paper attempts to analyze a birds-eye view of the research that happened from 2011 onward that had been done in this arena & explores the critical aspects of academic-industrial collaboration, technology transfer, and skill development. A systematic review of studies published between 2010 onwards is studied using the following trusted Scopus database. After the initial screening of the paper resulted in 1,534 documents, after the keywords refinement final, 121 papers were taken for the analysis, and eight exclusive papers studied the skill development parameter along with the above keywords. The result shows that most of the United States has the maximum number of documents published in AIC. In the second number, the publication is from the United Kingdom, followed by India. It signifies that a growing economy needs innovation, technology transfer & skilled workforce & AIC is the model to go ahead