To start, the purpose of working with TM is to accelerate the translation process. This is very useful for old projects, technical and scientific in any field and in almost any combination of languages. You can visit this website to know more about translation services. 
On the other hand, it is not recommended to use TM to translate literary texts. I am an expert on literary translation and I have to tell you, I know what I'm talking about.
With a literary project, segmentation is difficult to reconcile with other tools used by translators specialized in this type of translation. literary translation is characterized by flexibility, especially at the structural level, and the ability to "play" with the text. TM is generally fragments or, conversely, cutting paragraph. In literary translation, which is important is being able to make the text as smooth as possible and for this purpose, working with computer-aided translation tools is not a good idea, not to say it's absolutely not recommended.
A TM is not a program, However, you can call it "bilingual files" stored in the software (which is a tool used in computer-aided translation), which reminds how sentences (segments) and the words are translated. Using TM has some advantages and some disadvantages.
The main advantage of the first to use TM for translation is that TM maintains a simple glossary of words and phrases for future use, which saves a lot of time translators translations for updating or revision of the new text. With regard to the revision of previously translated text, it is a very common practice today. If the translator must use traditional translation process, it will take months to revise the documents are very long. However, if the translators using TM, it will be easy to see the changes previously made in the document and produce a revised translation in a shorter period of time than it would using traditional translation process.