Segmentation is one approach to memory management and protection in the operating system. It has been superseded by paging for most purposes, but much of the terminology of segmentation is still used, "segmentation fault" being an example of this. Some operating systems still have segmentation at some logical level even though paging is used as the main memory management policy.
UNIX programmers are likely to use the term synonymously with "segmentation violation" and the associated signal, SIGSEGV.