Ternary Search is an efficient algorithm used to find a specific element in a sorted array. It works by dividing the array into three parts instead of two, as in Binary Search. The search process involves comparing the target value with two midpoints, allowing the algorithm to eliminate one of the three segments in each step. This method is particularly useful for large datasets, as it reduces the number of comparisons needed to locate the desired element. However, Ternary Search is generally less popular than Binary Search due to its higher constant factors and complexity in implementation.