Dear Tanushka,
Welcome to the forum here.
Based on the message, it seems that you are using SharePoint Server.
May I know whether you are using SharePoint Online or SharePoint Server? If you are using SharePoint Server, we have a specific channel office-sharepoint-server-itpro - Microsoft Q&A coping with SharePoint Server related issues and questions, I suggest you post a new thread there for expert help.
If you are using SharePoint Online, may I know whether the issue happens in a specific site? If you upload a smaller file, will the issue go away in your environment? Do all users in your tenant experience the same issue?
Best Regards,
Cliff