Google announced that it would be using speech recognition technology to create captions to help the deaf and hearing impaired. The company would be using the same technology that is used in google voice that converts voice to text for the voice service.

For its initial launch it will be available to only a handful of YouTube content partners like Berkeley and Yale.

Once your transcription is on it can be captured and converted into 51 languages. 

To read more about it on YouTube follow this link