MASM Version 6.1 Programmer's Guide says the following in its page number 12:
Segmented addressing refers to the internal mechanism that combines a segment value and an offset value to form a complete memory address. The two parts of an address are represented as
segment:offset
The segment portion always consists of a 16-bit value. The offset portion is a 16-bit value in 16-bit mode or a 32-bit value in 32-bit mode.
I don't think the highlighted text above is correct for Windows NT, a 32-bit system.
Edit:
As can be seen from the comments below, there are currently two opposing positions held by @Cody Gray and @Raymond Chen, which certainly weren't even addressed in the other 3 questions, from which mine was considered a duplicate.