Microsoft Teams allows for real-time transcription of sessions. The capability enables better follow-along during the meeting and also gives a complete transcript for subsequent study. Soon, Microsoft Teams Meetings will be searchable via Microsoft Search. It will enable you to locate individual meetings based on the content of their discussions.
Microsoft 365’s roadmap includes this capability. It is possible that it may launch this month, but the timeline is susceptible to change.
For a Teams meeting that was recorded to OneDrive and SharePoint and also live transcribed during the meeting, you can now use Microsoft Search to locate the meeting recording file based on the transcript.
The ability to search for meetings based on what was said significantly simplifies the process of locating specific quotes or details. Only Teams for desktop is clearly mentioned in the Microsoft 365 roadmap article.
At the moment, live transcription is only available for scheduled Teams meetings, but support for impromptu meetings is expected to arrive in July.