Laravel is an incredibly powerful PHP framework developed by Taylor Otwell. It uses the composer framework and a multitude of libraries to combine all the best parts of PHP development into one easy to maintain package.
Typical uses for Laravel would include:
However, as it's a PHP framework, the uses are entirely up to your imagination. WordPress and Magento are both built using their own custom frameworks, so theoretically it would be possible to create both a CMS and an E-Commerce website using Laravel.
Clients who use Laravel often have tried other off-the-shelf platform before but have been retricted by the technology. Laravel offers no such restrictions and as such is the perfect choice for a truly custom web application based on PHP.