Google finally revealed its version of cloud storage today - dubbed Google Drive. Sundar Pichai, senior vice president of Google's Chrome and Apps, wrote in a blog post: "Today, we're introducing Google Drive - a central place where you can create, share, collaborate and keep all of your stuff."

Google Drive hopes to take on rivals such as Dropbox and Microsoft's SkyDrive, offering 5GB of storage for free to users. If 5GB is not enough, users have an option to pay for more storage. For just $2.49 a month, users can get 25GB of storage. For $4.99, users can upgrade to 100GB, while $49.99 gets you 1TB and if that's not enough, users can get up to 16TV for $799.99 a month.

"Whether you're working with a friend on a joint research project, planning a wedding with your fiancé or tracking a budget with roommates, you can do it in Drive," Pichai wrote.

The new cloud service will be available on all platforms, including Macs and tablets.

BBC reports that tech research firm Gartner predicts that the launch of Google Drive will hit its competitors hard and shake up the market. "It will also create another stream of more focused and potential ad revenue for Google around the content of personal files on Google Drive," said Hanns Kohler-Kruner.