A Translation Memory (TM) is a database of translation terms or sentences (called segments) which are stored for reuse in the future. When you translate identical or similar content, the TM will immediately identify these
matches and suggest them at the beginning of your translation project (pre-translation) or on-the-fly while you translate (AutoSearch, AutoTranslate and AutoPropagate).
The main advantage is that you do not have to translate again what you already have translated before, improving your turnaround times and lowering your translation costs.
As your TM grows so does the probability of more matches, resulting in faster and more consistent translations.