Properly known in this context as OneDrive for Business (just plain OneDrive usually means the consumer product), it serves as the file repository for end-users when storing their files that are ‘works in progress’ or files that only pertain to them personally as an individual member within the organization.
These files can be shared with people inside and outside of your organization, either specifically with certain users or with anyone that has a link to the file. Encryption keeps your files safe when at rest and while in transit.
The capacity of each person’s OneDrive is normally 1TB, but some Office365 plans offer unlimited storage. Files kept in this cloud location can be synced to the user’s device with various options to keep the files fully downloaded and available at all times (cached) or merely as placeholders for the occasional download to save space on the local drive FilesOnDemand. If files are deleted by accident, they can be restored within 30 days of deletion.
OneDrive is included in every Office 365 and Microsoft 365 subscription plan. OneDrive is also a feature-rich app for iOS and Android.