Starting with the December 2014 release of Premiere Pro CC (8.2), the Speech-to-Text feature or Speech Analysis functionality is removed from Premiere Pro.
The Speech Analysis functionality in Premiere Pro analyzes speech and converts spoken words into text-based, searchable metadata.
At the time of implementing Speech Analysis, it was anticipated that the underlying engine for this feature would improve at a faster rate than it did. Over time, user feedback and research confirm that this feature is not feasible to a degree of accuracy that is useful to users.
Given this focus, Speech Analysis is removed in Premiere Pro. That is, you can no longer analyze any new media and generate speech-to-text metadata in Premiere Pro.
You can, however, continue to view the speech-to-text metadata for any clips that were previously analyzed using Premiere Pro CC 8.1 or earlier versions. The generated speech analysis metadata is embedded in the media files, so the text continues to be visible and usable when the analyzed clips are imported and used in the latest version of Premiere Pro.