IPS means in-plane switching. An IPS-LCD is a kind of thin display that provides better viewing angles compared to TFT-LCDs. IPS-LCDs feature two transistors for every pixel, where TFT-LCDs use only one. This requires a stronger backlight, which delivers much more accurate colors, and allows the screen to become viewed from a broader angle. The downside is that the IPS-LCD may consume more power than the usual TFT-LCD.
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