What's FAT32 ,NTFS & exFAT file format?

In the windows environment whenever you try to format any USB flash drive/drive it gives you three options to format FAT32, NTFS, and ExFAT.
Here I'm gonna let you know about these three in very quickly.

FAT32 stands for  File Allocated System
ExFAT stands for Extended File Allocation Table
NTFS stands for New Technology File System

FAT32(File Allocated System)

FAT is simple file system,stands for File Allocation Table. This file system was first introduced in 1980 along with the first version of MS DOS and was originally designed to use with the floppy. As the disk starts upgrading FAT file system also upgraded to FAT12, FAT16 then there was a major upgrade and the FAT 32 file system came in existence that we commonly use nowadays.

But as,FAT 32 is the advanced version of FAT and it only supports files up to 4 GB in size and can only be used as the file system on hard drives that are 8 TB or less.
Now you can't see FAT or FAT12 or FTA16, as floppy has vanished and new disks technologies are in use so FAT32 took palace of previous FAT versions.

NTFS(New Technology File System)

July 27, 1993, Microsoft launched NTFS  with Windows NT 3.1 it improved the performance and reliability of file systems and it's much more robust and reliable than FAT32.One of the important parameters for data security in NTFS is its fault tolerance

It supports the maximum file size to 256 TB.

NTFS is much more robust and effective than the FAT file system.

It's said initially designed for the Intel i860 XR processor released by Microsoft in 1993. Although IBM and Microsoft worked together to create the graphical operating system known as the OS/2, they disagreed on many important issues and they eventually separated. IBM continued to work on the OS/2, while Microsoft started working on Windows NT.

exFat(Extended File Allocation Table)

exFAT stands for Extended File Allocation Table, it was introduced in 2006 by Microsoft. It was introduced to reduce the difference between NTFS and FAT. 
Its main advantages are that it can store files over 4GB since it is a 64-bit file system.