Depending on the nature of the automated workflow and the number of active threads at any given time the Heap size requirement for JMeter can vary and in the testing I am doing there is some ambiguity with respect to the affect of Heap size on the test results. The initial Heap size and the maximum Heap size of the server hosting JMeter is shown in the attached screenshot.
There is no "recommended industrial standard".
Each test is individual and you need to tune JMeter appropriately.
As of JMeter 5.5 default heap size is 1GB which is sufficient for tests development and debugging but might be not sufficient for the load you're trying to conduct.
According to this article:
"If the occupancy of the Java heap is too high, garbage collection occurs frequently. If the occupancy is low, garbage collection is infrequent but lasts longer... Try to keep the memory occupancy of the Java heap between 40% and 70% of the Java heap size... The highest point of occupancy of the Java heap is preferably not above 70% of the maximum heap size, and the average occupancy is between 40% and 70% occupancy. If the occupancy goes over 70%, resize the Java heap."
So I would recommend checking what's going on with your heap using JVisualVM or equivalent and adjusting it up or down as needed.
If your test runs fine and you're experiencing OOM issues only during dashboard generation you can increase it temporarily by setting the relevant HEAP environment variable value.