Like other imaging technologies, IPS received its name based on the behaviour of liquid crystals inside the subpixels. In the case of IPS, they don't let any light through when in an idle state. The crystals are arranged in a plane and by turning them, the transmission of light is ensured (hence the name In-Plane Switching). This approach brings a number of advantages that other types of LCD display technologies do not provide.
First and foremost, IPS displays offer wide viewing angle, allowing the screen to be seen from all sides without major changes in colour. Compared with the older technology of TN viewers, IPS offers much better contrast, mainly due to a more realistic reproduction of black colour. On the other hand, one minor drawback is the price. Both in terms of quality and price, IPS displays lie somewhere between older LCD display technologies and premium OLED displays.