Update()

- Called Once Per frame.

- If the game is running at 24 FPS (Frame per Seconds) the it will be called 24 time in Seconds.

- It is mostly used for moving non-physics objects, receiving inputs and simple timer etc.

FixedUpdate()

- This will called after fixed time duration.

- It is used for performing Physics related task like applying a force on rigidbody.

LateUpdate()

- It is called when all update functions have been called.

- It is mostly used for follow camera.