The Oracle documentation has these notes on the ORA-04031 error:

ORA-04031: unable to allocate nn bytes of shared memory

Cause: More shared memory is needed than was allocated in the shared pool.

Action: If the shared pool is out of memory, either use the dbms_shared_pool package to pin large packages, reduce your use of shared memory, or increase the amount of available shared memory by increasing the value of the INIT.ORA parameters "shared_pool_reserved_size" and "shared_pool_size". If the large pool is out of memory, increase the INIT.ORA parameter "large_pool_size".

The ORA-04031 error also happens when you are using automatic memory management (sga_max_size), and the memory specific is too small.

Hi @RajanKhatri7 ,

If it is possible check after restarting the database. Notices several cases solved by this.

Hi @RajanKhatri7,

Appreciate if you could confirm if above suggestion from Dumeesha (restarting the database) resolved the issue or if any other steps resolved it kindly update since it would be valuable for others as well.
Thanks & Best Regards,
Yasas 

Hi @Dumeesha Wanigarathna , @dmanuele   @Yasas_AK,

Thank you so much for the suggestion. We have restarted our DB servers and increased share memory pool as well. Users have not reported same error message so far. I will confirm once again before EOD today.

Thank you for your help.