Evolution of Master Data Management and Data Governance: A Two-Decade Review of Advancements and Innovations

Over the past two decades, the domains of Master Data Management (MDM) and Data Governance (DG) have undergone a remarkable transformation, evolving from foundational data quality and compliance functions to strategic enablers of digital innovation and enterprise agility. This review synthesizes the development of MDM and DG from 2000 to 2024, drawing upon 112 peer-reviewed publications, industry reports, and implementation case studies. Using a mixed-method approach involving thematic analysis, bibliometric trends, and keyword frequency mapping, the study highlights key milestones, emerging technologies, and shifting organizational practices. Findings reveal a steady transition from theoretical frameworks to practical, AI-driven, and cloud-native governance models, with growing emphasis on decentralization, automation, and data value creation. The results also underscore the increasing alignment of MDM and DG with business objectives, supported by innovations such as data mesh, data fabric, and real-time metadata management. This review offers a consolidated perspective on the historical progression and future trajectory of data governance ecosystems, providing valuable insights for researchers, practitioners, and policy-makers navigating the data-driven enterprise landscape.