The best replacement for multiplexing is multiple access.

The best alternatives to multiplexing are rated as following:
★★★★★  multiple access
★★  modulation
★★  demultiplexing
★★  multi streaming
★★  charlieplexing
★  frequency division multiplexing
★  multistreaming
  inverse multiplexing
  time division multiplexing
  synchronous time division multiplexing
  packet switching

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Google Trends

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multiplexing
multiple access
modulation