Translation Memory Software is a tool used by translators to store and manage previously translated segments of text. It creates a database of phrases, sentences, or paragraphs, allowing translators to reuse these translations in future projects. This helps maintain consistency and speeds up the translation process. When a translator encounters a similar text, the software suggests previously translated segments, which can be edited as needed. This not only saves time but also reduces the risk of errors. Overall, Translation Memory Software enhances efficiency and quality in the field of translation.