Speaker separation is a method for distinguishing between different speakers in an audio stream to analyze conversations more accurately. It can be done in real-time using active speaker events or streaming APIs with WebSockets, or asynchronously after the event using Async APIs and speaker diarization. Real-time methods provide accurate results but come at a higher cost, while asynchronous methods are less accurate but also cheaper. The choice of method depends on the platform's capability, budget, and business needs. Speaker separation can be used in various applications such as call centers, meeting platforms, and telephony APIs to gain insights into conversations and improve efficiency.