Point & click installation

Click Central Administration (left menu).
Under System Settings, click Manage services on server.
Start Managed Metadata Web Service (link on the right side).

Click Central Administration (left menu).
Under Application Management, click Manage service applications, New (top, left), Managed Metadata Service and fill it out as follows:
Name: Managed Metadata
Database Name: <ENVIRONMENTPREFIX>_SharePoint_service_Metadata
Application pool name: Managed Metadata
Configurable: <MANAGEDMETADATASERVICESACCOUNT (domain\account)>

Content Type hub: “”
Click [OK].

Click Managed Metadata and fill out the page as follows:
Under Working Languages, check <Your Language> and click [Add >>].
Under Default Language, select <Your Language> and click [OK].
Click [Save].

PowerShell
$EnvironmentName = '<ENVIRONMENTPREFIX>'
$ApplicationName = 'Managed Metadata'
$ApplicationPoolName = $ApplicationName
$ApplicationPoolAccount = '<MANAGEDMETADATASERVICESACCOUNT (domain\account)'>
 
$DBName = $EnvironmentName + '_SharePoint_service_'
$ApplicationName.Split(' ') | ForEach-Object {$DBName += $_}
 
$ManagedAccount = $ApplicationPoolAccount
#$ManagedAccountPassword = '<MANAGEDACCTPWD>'
 
$ErrorActionPreference = "Stop"
# try {Get-SPManagedAccount $ApplicationPoolAccount} catch {New-SPManagedAccount (New-Object System.Management.Automation.PSCredential $ManagedAccount, (ConvertTo-SecureString $ManagedAccountPassword -AsPlainText -Force))}
try {Get-SPManagedAccount $ApplicationPoolAccount} catch {New-SPManagedAccount (Get-Credential $ManagedAccount)}
$ErrorActionPreference = "Continue"
 
Get-SPServiceInstance | Where-Object {$_.TypeName -EQ "Managed Metadata Web Service"} | Start-SPServiceInstance
$MetadataSvc = New-SPMetadataServiceApplication -Name $ApplicationName -ApplicationPool (New-SPServiceApplicationPool -Name $ApplicationPoolName -Account (Get-SPManagedAccount $ApplicationPoolAccount)) -DatabaseName $DBName
New-SPMetadataServiceApplicationProxy -ServiceApplication $MetadataSvc -Name $ApplicationName -DefaultProxyGroup