"IP address" stands for Internet Protocol address, which is a unique numerical label assigned to each device connected to a computer network that utilizes the Internet Protocol for communication. It is essential for identifying and locating devices on a network, allowing them to send and receive data efficiently. IP addresses can be either IPv4 or IPv6, reflecting different formats for addressing. An IP address not only helps in routing data but also plays a crucial role in network security, enabling the implementation of filtering and access controls.