This is highly Googleable. Systick is a cpu register that decrements every cycle. When it gets to zero, it can cause an interrupt, which you can use to effectively increase the size of the counter to whatever you need.
It is useful for timing things relative to the cpu clock. For example, you can read it before and after a function to see how long it took.
Interestingly, this is part of the arm core, not a proprietary peripheral. Any arm chip will have it.