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Speech Recognition Systems now-a-days use many interdisciplinary technologies ranging from Pattern Recognition, Signal Processing, Natural Language Processing implementing to unified statistical framework. Such systems find a wide area of applications in areas like signal processing problems and many more. The objective of this paper is to present the concepts about Speech Recognition Systems starting from the evolution to the advancements that have now been adapted to the Speech Recognition Systems to make them more robust and accurate. This paper has the detailed study of the mechanism, the challenges and the tools to overcome those challenges with a concluding note that would ensure that with the advancements of the technologies, this world is surely going to experience revolutionary changes in the near future.