Homomorphic encryption is a sophisticated encryption technique that allows computations on encrypted data to be done without the requirement for decryption. This trait makes homomorphic encryption appropriate for safe computation in sensitive data scenarios, such as cloud computing, medical data exchange, and financial transactions. The data is encrypted using a public key in homomorphic encryption, and the calculation is conducted on the encrypted data using an algorithm that retains the encryption. The computed result is then decrypted with a private key to acquire the final output. This abstract notion protects data while allowing complicated computations to be done on the encrypted data, resulting in a secure and efficient approach to analysing sensitive information. This article is intended to give a clear idea about the various fully Homomorphic Encryption Schemes present in the literature and analyse and compare the results of each of these schemes. Further, we also provide applications and open-source tools of homomorphic encryption schemes.