Microsoft Outlook uses an OST (Offline Storage Table) file to store cached mailbox data in Cached Exchange Mode. Although Outlook supports Local data as OST files up to 50 GB by default, corruption risk increases as the OST grows very large. Ultimately, Outlook starts having performance and synchronization issues, leading to the error message and preventing further synchronization of new data. In fact, Microsoft 365 Business Premium, or a Microsoft 365 Enterprise E3/E5 license (Source) to increase its storage limit to 100GB.
Source
To resolve this issue, some probable instructions below :
Method 1 : Cached less amount of mail locally (Offline Mode).
Fig:01 - Account information from Outlook Client.
Fig-02 : Exchange Account Setting. Reduce length of Caching mailbox as Local Data for the Offline.
Ex: 3 months length would be max size of OST 22GB~25GB.
Method 2. Disable Caching of Shared folders.
Method 3: Utilize In-Place-Archive (Online Archive)
From the Exchange Admin Center (EAC) applying the Online archive automatically for each mail-address or Manually move to archive (which is not recommended). Archived emails are stored on the server, not the local .ost file, but are still accessible via Outlook and webmail.
Method 4: Increase Outlook PST file size from Windows registry. (May be/May not be)
1. RUN => regedit => HKEY_CURRENT_USER\Software\Policies\Microsoft\Office\16.0\Outlook\PST

2. Create Two Files in PST folder a) MaxLargeFileSize b) WarnLargeFileSize
Fig-02 : choose “Decimal” and in the value data type the new file size in Megabytes (MB)
N:B: 1GB=1024MB, 30GB=30720MB, 50GB=51200MB, 70GB=71680MB, 100GB=102400MB
Approx. Estimate for WarnLargerFileSize = MaxLargeFileSize X 95%
Official References: