We are exploring the option of using custom metadata types over custom settings. What are the limitations on the size of data in Custom Metadata types? Is it inclusive of custom settings data limit?
Custom metadata per organization *-
Record size is based on the maximum field size of each field type, not the actual storage that’s used in each field. When adding fields to a custom metadata record, use the appropriate type and specify a length that doesn’t exceed what’s needed for your data. This action helps you avoid reaching the cached data limit. For example, if you create a US social security number (SSN) field, select the Text data type and specify a length of 9. If instead you selected Text Area, the field would add 255 characters to the usage count for each record, regardless of the number of characters entered.
Here is a screenshot of that page:
It's interesting that Salesforce is now encouraging everyone to migrate to Custom Metadata. So much so that they have a setting to allow you to turn off LIST Custom Settings now (Schema Settings). But with a limit of 100 TOTAL types (packages and local), this is just unreasonable. We have almost 100 Custom Metadata Types already and still have almost 300 Custom Settings we'd like to migrate. Until Salesforce extends the NUMBER of Custom Metadata Types (and total size), we won't be able to.