IP multicasting allows for bandwidth-efficient delivery of information to multiple recipients simultaneously. It has three main components: IP multicast addressing using class D addresses; IP groups identified by multicast addresses; and multicast routing protocols like PIM-SM, PIM-DM, and DVMRP. PIM-SM uses a shared tree rooted at a rendezvous point, while PIM-DM uses source-based trees and prunes unused links. Multicast groups are identified by addresses and receivers must join groups to receive transmissions.