Global digital initiatives seem to revolve around how mass data amounts get handled. The importance of metadata, which refers to the data that provides context on other data, and its management has supposedly laid the foundation for current data-driven corporations. From what it’s understood, metadata management intends to comply with the principles of findability, accessibility, interoperability, and reusability (FAIR). “I believe that metadata management is a process integral to modern information architecture. It involves the curation, categorisation, and maintenance of metadata. This process aims to underpin data integration, lineage tracking, and compliance efforts,” Tushar Dhawan, partner, Plus91Labs, a software company, told FE TransformX.
Market experts suggest that metadata management is required to uphold data credibility. G2, a peer-to-peer review site, stated that businesses produce nearly two billion gigabytes worth data daily. According to MIT Sloan Management Review, a digital platform, costs’ associated with corrupted data constitute 15-25% of companies’ revenues. Expert.ai, a software industry company, stated that benefits associated with metadata management involve governance, usability, discovery, and adaptability. The company also stated that attributes of metadata management include automation, data lineage, data inventory, perceptive user connections, and semantic language interpretation.
“I believe metadata management is an important aspect of an organisation’s data management strategy, as it can make data meaningful and accessible. This should apply to small and large organisations. Without metadata management, the consumers of data would have no understanding of the data itself, its structure, content or relationships,” Mohammed Imran K R, CTO, E2E Networks Ltd, a cloud computing platform, mentioned.
Data from Grand View Research, a market research and consulting company, mentioned that the global metadata management market should clock a 20.8% compound annual growth rate (CAGR) for 2022-30. Furthermore, the company highlighted that factors which should drive this growth include need for centralised data governance, metadata management’s need in data protection, and demand for data quality and trustworthy analytics. Research has shown that influence of small and medium-sized enterprises (SMEs) will benefact global metadata management mechanisms. As per Mordor Intelligence, a market intelligence and advisory firm, the enterprise metadata management market will reach $9.52 billion in 2023 and will further clock $25.93 billion by 2028, at 22.18% CAGR for 2023-28. It’s believed that technologies such as blockchain, internet of things (IOT), among others, will contribute towards this segment.
Reportedly, metadata management companies which are expected to grow in 2023 include Alation, ASG Technologies, IBM, MANTAI, Octopai, Oracle, among others. In terms of pricing, SelectHub, a software company, provided that its Metadata software system is based on a monthly pricing model which starts from $1500, deemed suitable for companies having less than 100 employees. TrustRadius, a technology company, has four price categories for its Metadata.io software, starting from $295 and going up till $60,000.
Future predictions indicate that artificial intelligence (AI), deep learning, among others, will be key in shaping metadata management prospects. “As big data and AI rise, metadata’s significance in understanding complex data ecosystems should grow. Automated metadata generation and advanced analytics can revolutionise information utilisation. Embracing these advances should unlock metadata’s potential, driving data-driven excellence,” Sathvik Vishwanath, co-founder, CEO, Unocoin, a cryptocurrency exchange, concluded.
