IP video uses Cat5 cable rather than coax cable like with analog video. With IP video, you get higher definition. This means you can blow up a screenshot to 5 megapixels, vs. analog video’s 3 megapixel cameras.
IP video is seen more often in business settings rather than residential. It’s what is considered your typical CCTV system where all cameras have to be hardwired back to a main DVR.