The net is awash with information most of which is mind blowing so I am copying here a couple of paragraphs from a website which goes by the name of TheLightroomLab.com. These words made sense to me and as I could not put it better myself I repost them here with due recognition of the origin.
Digital camera raw files do not have a fixed color space because these file’s do not yet contain pixels. Raw files are a record of the unprocessed “sensel” data which exceeds all gamut limits. Flexibility of color, and of color space, is one of the greatest advantages to digital camera raw files. Serious photographers often shoot in raw so that they can pick the appropriate color space for each processed copy of their original capture using post-processing software. Adobe Photoshop Lightroom makes this process completely painless since color space is one of the parameters that we can control, and automate, inside of the Export dialog.To summarise: I have my camera, a Sony RX100 II, set to shoot jpeg and RAW and the colour space is set to sRGB. Yes a compact, I have given up lugging DSLR's around!
My advice is to keep life simple. I suggest that photographer’s of any level shoot Jpeg images using the sRGB color space. Using sRGB in camera will give you files that can be printed directly off the memory card. If you need more control over color, if a wider gamut will help with your work, then bring home Raw files and learn to use post-processing software like Lightroom or Photoshop
Link to full article here.