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The term 'IPS' in the world of technology typically stands for 'In-Plane Switching'. This term traces its roots back to the late 20th century, specifically 1996, as a revolutionizing addition to the world of LCD (Liquid Crystal Display) panel technology. It was initiated by Hitachi to counter the limitations and challenges posed by TN (Twisted Nematic) panels that were dominating the display industry at that time. Today, IPS technology is abundantly utilized and embodied in a myriad of display instruments globally.

In-Plane Switching (IPS) is a screen technology primarily used for liquid crystal displays (LCDs). It has been developed to tackle and solve cardinal limitations of Twisted Nematic (TN) panels, such as moderate color reproduction, low-quality image display at sharp angles and so forth. The fundamental principle of IPS pivots around the orientation and behavior of molecules in the consumer's viewing experience.

The actual term 'IPS' or 'In-Plane Switching' owes its name to the liquid crystals in these panels that shift horizontally - 'in plane'. That is in sharp contrast to the vertical alignment in other types of panels. This shifting technique has helped IPS to stand out from other technologies due to its unbeatable angle-viewing properties, image quality, and color reproduction mechanism, achieving better and more consistent color accuracy.

IPS technology's superiority over the regular TN panels stems from its unique panel structure, which enables the consistent color reproduction and wide-angle viewing up to 178 degrees. As compared to TN panels, which often suffered color shift i.e. noticeable changes in colors when looked at from various angles, the IPS panel manifests an outstandingly wide viewing angle to offer users a splendid viewing experience.

While the performance capabilities of IPS panels have made them popular among professionals in fields like graphic design, photography, and videography, its high cost has perhaps been a major deterrent for its full-fledged mass acceptance. However, things have changed significantly over time, leading to a considerable reduction in their prices. Today, we have different types of IPS panels, including S-IPS, H-IPS, E-IPS, and P-IPS, etc., incisively developed for an enhanced visual experience.

In summary, IPS or In-Plane Switching, plays a significant role in LCD panel technology. Offering the benefit of wide viewing angles and superior color and image quality, it has emerged as a key player in the technology industry. Despite an initially high cost, recent years have seen the prices of IPS panels fall dramatically, making it a more viable option for a wide range of consumers.