One of the components of Microsoft Office 365 is OneDrive for Business. Which is a cloud storage solution with a 1TB of storage space by default. Although 1TB is been enabled by default for users, this could be enhanced up to 5TB.
This could be achieved using the GUI as well as PowerShell.
Log in to the Office 365 Admin Portal and click on OneDrive Admin Center
Click on storage => edit the storage limit with the value required (maximum up to 5TB) and click save