The choice of SDLC depends on the various factors, how stable are the requirements:

When the requirements are very clearly know, documented and not subject to change then we can follow the waterfall model.

Most of the companies follow the V mode for the development because this model includes both verification and validation activities and testing is involved in earlier phase.

Iterative model can be used to build application where requirement changes after a period of times or application features or added on with smaller release. When the client is ready for the delivery of the product in parts or phases.