The goal of Big Data Governance and Metadata Management (BDGMM) is to address Big Data characteristic challenges that would enable data integration/mashup among heterogeneous datasets from diversified domain repositories. This would allow data to be discoverable, accessible, and re-usable through a machine readable and actionable standard data infrastructure. This document identifies the challenges and opportunities with the ever-increasing deluge of information and forms the scope of boundaries; surveys examples of how such data exploration could impact emerging vertical application domains such as IoT, social media, smart cities, smart manufactures, and 5G wireless networks; provides a deeper understanding of the BDGMM challenges through a variety of case studies; presents a set of extracted requirements from the identified case study challenges and aggregated them into five general categories of requirements; lists the relevant standards activities that can potentially be used as enablers to support BDGMM; constructs a potential reference architecture by analyzing common feature components from various governance and metadata management architectures, then performing standard technology gap analysis by comparing what the architecture feature components need and what existing standards can offer; and lists recommendations of possible standards development needs in order to support BDGMM.