Learn to Fix React Native JVM Heap Space Is Exhausted

 Add the below lines into the gradle.properties file. Below memory size can be configured based on the RAM availability

org.gradle.daemon=true
org.gradle.jvmargs=-Xmx2560m

Through GUI:

In the Settings, search for 'Memory Settings' and increase the IDE max heap size and Daemon max heap size as per the system RAM availability.