Adobe RGB 1998 and sRGB are the two most common RGB color spaces in use now in the digital photo industry. There are others -- in fact dozens.
All colors in a digital photo must be numbered -- computers only understand numbers. So the possible range of colors in a digital photo has to be pre-determined by a mapping process that assigns colors to numbers. This has been done with some variation by different groups who use the photos to different purpose. Ideally each group has established a colors to numbers map that produces best results for their needs.
An investigation of all the parameters involved can get complicated. For example: is the display on your computer physically capable of reproducing all the colors in your chosen color space? What are the implications if it is not? How do you feel about working with a photo that may contain colors that your display can't possibly reproduce?
Here's another complication: Think of a unit of measure like an inch. Now divide that up into say 8 equal sections. How smooth is the transition across that inch section to section. Make it 16 sections -- smoother. Make it 32 sections -- smoother again. How many sections will you need until the transition becomes visually seamless? There's a lot of color in the world. When a color space is mapped to a range of numbers we have to pay attention to the smoothness of the transition between colors across the number set. If we increase the total color range but do not increase the range of numbers the transition becomes less smooth. Most photographers work with 8 bit images -- JPEG files must be 8 bit. Some professionals who shoot RAW work with 16 bit images. 16 bit images have an increased range of numbers that can maintain a smooth transition over an increased range of color.
sRGB was designed to be a "best-fit" match to modern computer display equipment and 8 bit images. It serves very well in this capacity. No laptop is capable of handling the full range of the sRGB color space and only the better $$$$ desktop displays actually do handle it. Desktop inkjet printers aren't capable of the full range of color in the sRGB space.
Adobe RGB was designed by professionals in the press industry to be a "best-fit" match to their pre-press & proofing industry. Most photographers using Adobe RGB work with 16 bit images.
Set your camera and your copy of Lightroom to sRGB. When you get a job to shoot advertising photos to be printed in the next issue of Vogue, switch to Adobe RGB (and buy one of these:
EIZO ColorEdge CG245W-BK - 24.1" - widescreen TFT active matrix LCD display w/ USB hub).
Joe