Once you have enabled Closed Captioning in your Zoom Settings, you can activate live transcription during your Zoom meetings.
WIth closed captioning enabled, you will see a CC icon on the tool bar at the bottom of your Zoom window. This button lets you begin live transcription.
Participants in your meeting will have to "accept" the captioning on their end to see the captioning and to have their voices picked up. The auto-transcription produces captioning that looks like this: