Google recently announced launch of Google Translation Kit

Here are snippets of a post on the linkedin.com on this

Do you think Google translation kit will have an impact on translation companies like SDL or companies who provide translation memory tool?

Deepinder SinghManager - Product Globalization at Symphony Services

From what I have read about Google's crowd sourcing translation tools ... In my personal opinion this open approach to translation could lead to a bunch of bad quality translations that could become a nightmare to manage. And to further the problem... I could see some naive product executives who would decide to move their product information to a Wiki and see this approach as a way to cut the cost of hiring professional translators ... ignoring the quality and legal aspects of translation of their product information.

Roger Spee; Retired - Localization Development Manager at IBM

A wonderful concept by Google (combining crowd sourcing with machine translation) which may serve the purpose for low-end translation requirements. However, a lot is desired in terms of capability of data handling, processing speeds, simultaneous editing, review, etc and this may take, like Andrei said, some time yet!! All said and done, TSPs will still be required to deliver a professional job.

Sudheen M L; President at Crystal Hues Limited