Extended File System (exFAT) is a successor of FAT family of file systems (FAT12/16/32). It has similar design though renders many significant improvements:
|Maximum Volume Size||8 TB*||128 PB|
|Maximum File Size||4 GB||16 EB|
|Maximum Cluster Size||32 KB **||32 MB|
|Maximum Cluster Count||228||232|
|Maximum File Name Length||255||255|
|Date/Time resolution||2 s||10 ms|
|MBR Partition Type Identifier||0x0B, 0x0C||0x07|
Windows cannot format FAT32 volumes bigger than 32GB, though itsupports larger volumes created by third party implementations; 16 TB is the maximum volume size if formatted with 64KB cluster.
According to Microsoft KB184006 clusters cannot be 64KB or larger, though some third party implementations support up to 64KB.