It is a default private IP for various NAT/network devices such as routers. In order to resolve the issue of shortage of IP to be used on the Internet, these IP addresses were devised. RFC 1918 defines the ranges of the private IP.

An IP, where IP stands for Internet Protocol, is a numeric identification that is assigned  to all the devices or machines, which are a part of any computer network. All the devices, which are connected to a network, have a unique IP. For instance, an IP normally looks like 192.168.1.1

One series of these numbers is classified as private IP. Generally, this set of numbers range from 192.168.0.0 to 192.168.255.255. Each of these numbers is retained and unique as compared to other IP addresses. The word unique here is used in the sense that these numbers are unique within the network they belong. To make this clear let us take an example of your college or office computer, which is assigned an IP 192.168.1.1 in network and you, will have the same IP address in your home network as well and it won't create any conflicting issue.
NAT (Network Address Translation) and Private Address Space

For  a quick fix of this problem, NAT devices are used. For instance, if you have more than one computer in your home and all of them are connected to a NAT device say router, that router assigned a unique private Ip to each computer.

The NAT devices, such as router or firewall, modify the information that your computer send to the Internet, hence in turn they get a normal address that can be used on the web.

Default IP 192.168.1.1  is a default IP  address used by various NAT devices in private networks such as routers. Some other default IP addresses include 192.168.2.1 and 192.168.0.1. The Internet Assigned Numbers Authority (IANA) is responsible for keeping these and other numbers reserved within their particular ranges for private network use.

There are so many Nat devices or network devices, which use 192.168.1.1 as default private IP. But the two most popular NAT devices brands, Linksys and Speedtouch use this and other numbers as their default IP

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