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Massive MIMO system yields significant improvements in spectral and energy efficiency for future wireless communication systems. The regularized zero-forcing (RZF) beamforming is able to provide good performance with the capability of achieving numerical stability and robustness to the channel uncertainty. However, in massive MIMO systems, the matrix inversion operation in RZF beamforming becomes computationally expensive. To address this computational issue, we shall propose a novel randomized sketching based RZF beamforming approach with low computational complexity. This is achieved by solving a linear system via randomized sketching based on the preconditioned Richard iteration, which guarantees high quality approximations to the optimal solution. We theoretically prove that the sequence of approximations obtained iteratively converges to the exact RZF beamforming matrix linearly fast …