Redmond-based tech giant Microsoft will soon rebrand its cloud storage service SkyDrive as OneDrive. A splash page published by the company for OneDrive currently reads "coming soon".

Last year, Microsoft had lost a legal battle for the SkyDrive trademark with BskyB, which owns rights to "Sky" trademark in the European Union.

Soon-to-be-renamed SkyDrive provides users with 7 gigabytes (GB) of free cloud storage. And, now it appears that the company will offer more with the coming OneDrive than a simple name change.

Emerging reports suggest that OneDrive users would be provided with a total of 15 GB of storage capacity. It means OneDrive users would get another 8 GB of storage.

Five of the 8 potential GB of storage would reportedly come from referrals - 500 MB per referral. The services would also reward users who would link their phone's camera roll to OneDrive with another 3 GB of storage.

In addition, there would be a "co-owner folder" feature, which would let users to share, edit and delete files as well as to invite people to a folder. It would also allow users to add new co-owners.

Experts are of the view that increasing competition and falling costs could also prompt Microsoft's rivals like Dropbox, Google Drive, and Box to deliver more gigabytes of cloud storage for the same price in the future.