The Web Speech API allows for speech recognition and synthesis capabilities, enabling users to interact with web applications using voice commands. The browser's SpeechRecognition API can be used to transcribe speech into text, allowing developers to create immersive interfaces and interactive bots. However, speech recognition is currently only supported in Chrome and some Chromium-based browsers due to its reliance on a server-side API for transcription. Despite this limitation, the example code demonstrates how to build a simple speech recognition application that continuously transcribes user speech, rendering it on the page in real-time.