Im unable understand what is the exact work of SEO pigeon update???...Is this update is offically launched by Google?

This is another major algo update from Google for local search. This update started to roll out on July 24 for US English results.This is not like Panda and Penguin algo updates.

SEO pigeon is the latest update of Google which is specially launched for Google local business listings. the main motive behind launching this update is to provide the best quaility and genuine business listing results to the visitors.

The pigeon update mainly concerns with refining the local search results.It seems that as of now only the US search results have had some changes.

Yes google pigeon update has been launched and this algorithm deals the local search. The main function of this update is to show the good quality local listing top in search result.