Speech to text functionality has been removed in the latest version. More info here: Update on Speech to Text functionality in video tools | Premiere Pro work area
You can still analyze the text in an earlier version of Premiere Pro.
Oh no..... I'm in the middle of a project and updated to 8.2 hoping other bugs would be fixed. I need this feature.
Is the feature coming back? I use it a lot to sync transcripts. 50+ hours of transcripts.
It's rare for a removed feature to come back. you may have to keep an old version installed to do that.