What is a translation memory (tm)?

A database that stores sentences, paragraphs, or segments of text that have been previously translated. When a new text is being translated, the TM suggests existing translations for identical or similar segments, saving time and cost while improving consistency.

Who uses one?

SaaS companies and global businesses localizing products, websites, and marketing content

What does it cost?

Pricing varies. The cheapest provider in our Top 11 starts around $30/mo. See the cheapest providers ranked.

How do I pick one?

Read the full methodology for our 9.4-point scoring framework, then look at the canonical Lokalise vs Phrase vs Smartling: 11 Best Translation and Localization Software Tools 2026. If you want a slice of the ranking by price, fit, or compliance, jump to: cheapest · highest-rated · fastest onboarding.

Source: Top 11 Lokalise vs Phrase vs Smartling: 11 Best Translation and Localization Software Tools 2026, verified June 28, 2026.