That's not really a Laravel or PHP question.
"And also want to know whether to go with traditional MYSQL or New NoSQL Databases"
NoSQL should be considered if the data is unstructured. The volume is not what matters the most.
MySQL can handle fairly large amounts of data. Other relational databases too, e.g. MSSQL works even better.
As far as scaling is concerned, you'll eventually hit a roadblock with almost any synchronous framework/language. Although that also happens way down the road.
Try to measure your needs first.
Consider:
- Node.js, Python Tornado
- Clustered databases
- Python is the recommended way to go for data analysis.
- Study NoSQL. Then MongoDB, Redis, Cassandra etc.
- The cloud may be a good option too.