IP addresses can be defined as an address given to your domain, so the Internet knows where to find you in a network. Shared and Dedicated IPs are two different types of IP addresses in use.
Shared IPs have multiple domains assigned to one single IP address, while the dedicated IPs have one domain assigned to one IP.
Dedicated IP addresses can also be used to access your website instead of domain names. It also allows you to access your site without setting up the DNS, providing high speeds during heavy traffic load, and bring increased security.