Azure Cognitive Services Speech is a voice recognition and synthesis service launched by Microsoft. It supports speech-to-text and text-to-speech functionality in over 100 languages and dialects. By creating custom voice models that can handle specific jargon, background noise, and accents, it enhances transcription accuracy. Additionally, this service supports real-time speech-to-text, speech translation, and text-to-speech functionalities, catering to various business scenarios such as caption generation, call record analysis, video translation, etc.