Town boss Joe Royle was pleased with the point gained at West Ham but bemoaned some of his side's defending. The Blues are now in fourth position in the Championship.
Royle said: "At times we defend like happy amateurs. The team must learn that all 11 players need to defend, not just the back four and I said at half-time that we needed to start defending properly.
"I would have taken a point before the game so we have to be satisfied with what we got.
"Our display was a lot better in the second half, we pressed the play more and once we drew level, I thought we would go on to win it.
"The penalty miss by Sheringham was crucial. It would have been hard to get back from two down at half-time but we have always got a goal in us."
Royle singled out striker Pablo Couñago for praise: "Pablo did well, his best display for us this season and there is more to come from him.
"We must defend better though and that means as a team. We were poor in that department in the first-half and our back four had too many players running at them."
His opposite number Alan Pardew felt his side ought to have won all three points: "That was perhaps a game we could have won and we will be kicking ourselves tonight and tomorrow about it.
"In the first half we got the goal and then we had a purple patch where we could have scored a second or even a third.
"And when Ipswich had their purple patch in the second half, they scored and I think that is why the game ended as it did."
Pardew refused the lay the blame for his team dropping points at the feet of Teddy Sheringham for missing a penalty: "We cannot let the penalty miss cloud the issue and say that it was the only reason we failed to win.
"It is a natural reaction for players' heads to drop in that situation, but you must give credit to the way Ipswich played in the second half.
"They are a good side and they showed their quality by playing some good stuff, and we struggled to cope with their narrow midfield."