I am truly overwhelmed with the responses with so many different perspectives, a big THANK YOU to everyone.
I had posted the same question on SO and to my utter surprise, apart from one upvote for the question, it got 3 votes for closure.
Even after I humbly asked for the problem with the question to help me understand the reason for "votes for closure" I didn't get any response.
@JeffWay thanks for providing this forum - a medium for Laravel users to get help from gurus.
I sincerely appreciate each and everyone here at Laracasts for their responses.
@jlrdw I agree with you that very large enterprises may have their own skilled people in house and may be inclined towards technologies based on Java or C /C++ etc.
While the new generation small and medium enterprises are the ones which are the target segment for small time developers like me.
And in my experience, these SMEs are very focused on their core activities and want to outsource the IT part, however they are not unaware of the pitfalls and do ask about security updates and how long will we support the app for security updates or vulnerabilities which may be discovered in future.
As far as enterprises (read medium and small enterprises) not preferring php, I agree that most prefer Java or c/C++ as they may have heard that all big enterprises prefer these technologies for stability and various other reasons. But I tend to convince them with the argument that Facebook, was built on PHP and they do have security in place for millions of users and their contents.
So they are not averse to PHP any more, since they are also not keen to invest on resources required for maintaining Java hosting.
They are still inclined towards ASP.NET where they have in-house System Admins for the Windows stack.
However in such cases as @getstratify suggests, with the latest Laravel and PHP 7 we can highlight the performance boost with PHP 7
@willvincent I agree that we should follow that "if its not broken do not change (upgrade)". As is its a pain to upgrade any sizeable app to any new version of framework.
But if there's a upfront commitment for security fixes for 5 years, I feel that planning to upgrade with every new release will provide a way
to do the upgrades in a planned way with minimal downtime as against a case where I stayed with an LTS release and suddenly the need arises to upgrade to the latest version (maybe 4th or 5th iteration over the LTS) due to a newly discovered security threat. It would not only be more painful but could seriously affect the downtime as well putting at stake the developer's reputation with the client.
@getstartify suggestion of keeping external packages to minimum is a great one and definitely one to be careful about.
My purpose of asking this question is that
LTS versions support security fixes till 3 years while non-LTS versions support till 1 year
How to handle 5 years support commitment as a developer?
One possible way I can think of after @lintstorm inputs is that upgrade with every new release till at least 4 years so that I am covered for 5 years for security fixes.
Please excuse me if I may sound stupid, but I would really appreciate suggestion for the best approach to supporting 5 years of security upgrades (as a commitment) for a Laravel App.