Investopedia explains 'Incumbent'
This term is also used in the form of an "obligation." For example, "It is incumbent for the President to sign the new health care policy in order to meet the nations' current health care needs."
Also referred to as a company that is powerful and has a large amount of market share, as in, "the dominant incumbent software company." In business, the incumbent is typically the largest player in a given industry.
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