The BFSI industry vertical generates large data volumes, which include sensitive corporate financial information, transactional data, and customer information. The BFSI industry vertical is highly dynamic with challenging competitive pressures, such as changes in customer requirements, stringent regulations, and the need to adopt new business models. Data governance and management solutions help banking and financial institutions centralize their data model, enhance customer-centric applications, devise new marketing strategies, and perform risk management. The commercial banking industry has a powerful incentive to unite on a metadata standard for the exchange of information. The integration of metadata management tools designed for centralized information management and exchange would help in efficient information retrieval. Factors such as improving analytical capabilities; addressing mergers, acquisitions, and divestitures; complying with regulations; and enhancing customer service quality with reduced costs have been driving the market growth.