Are There Different Sects of Muslims?

Yes. There are different sects and denominations of Muslims. The two major sectarian splits are between the Sunnis and the Shiites. Almost all other sects are sub-sects of these two major factions.

The Prophet Muhammad, may God bless and grant him peace, foretold that,

“The Jews split into 71 sects. The Christians spit into 72 sects. And indeed this nation will split into 73 sects. Each of them will be in the Fire save one.” His Companions asked him, “And which one is that?” He said, “Those who are upon the like of what I and my companions are upon.”

As for the numbers, 71, 72, and 73, they are not to be taken literally. Rather, the statement should be taken to mean that the Jews divided. The Christians divided more than they did. Then, the Muslims will divide even more than all of them. This is the case, even though there are Muslim scholars who accept these numbers at face value.