According to the World Health Organization's (WHO) report of 2016, cardiovascular diseases (CVDs) accounted for mortality of an estimated 17.9 million people globally. Of these deaths, 85% were due to myocardial infarction and stroke. Further, the pre-dominant atrial fibrillation (AF) arrhythmia has been the most suspected underlying cause of transient ischemic attack or stroke. Thus, the etiologies of early symptoms like syncope and palpitations in patients needs to be evaluated by employing proper diagnostic tests to make early treatment decisions. The most widely referred 24 to 48 hour Holter electrocardiographic (ECG) monitoring tests have not been proved to be much effective in recognizing infrequent intermittent arrhythmic episodes. These drawbacks have led to the development of long-term ambulatory ECG (AECG) monitoring devices. This review reports the state-of-the-art existing AECG monitoring devices and their role of long-term ECG recording in patients suspected with cardiac syncope and palpitations to understand the underlying arrhythmic cause, as well as in the diagnosis and management of AF. Primarily, the utility and diagnostic yield of external cardiac recorders or event loop recorders (ELRs) in capturing the symptom-rhythm correlation which constitutes a clinically useful recordings of heart's electrical activity during infrequent arrhythmic conditions was critically reviewed. Furthermore, a brief case study on challenges involved in clinical data acquisition at a cardiac care unit using ambulatory external monitoring device has been presented. Finally, improvements in design engineering and algorithmic developments to enhance the diagnostic yield and usability of ELRs in clinical settings have been proposed.