Multiplexing is the process of combining several low-speed channels into one high-speed channel using devices called multiplexers and demultiplexers. There are four main techniques for multiplexing: frequency division multiplexing (FDM), time division multiplexing (TDM), code division multiplexing (CDM), and space-division multiplexing (SDM), each with distinct advantages and disadvantages. FDM and TDM are particularly common in communications, with FDM dividing bandwidth and TDM dividing time to manage channel capacity effectively.