The important characteristic that could assist in autonomous navigation is the ability of a mobile robot to concurrently construct a map for an unknown environment and localize itself within the same environment. This computational problem is known as Simultaneous Localization and Mapping (SLAM). In literature, researchers have studied this approach extensively and have proposed a lot of improvement towards it. More so, we are experiencing a steady transition of this technology to industries. However, there are still setbacks limiting the full acceptance of this technology even though the research had been conducted over the last 30 years. Thus, to determine the problems facing SLAM, this paper conducted a review on various foundation and recent SLAM algorithms. Challenges and open issues alongside the research direction for this area were discussed. However, towards addressing the problem discussed, a novel SLAM technique will be proposed.