An incumbent is a person who currently holds a specific position or office, especially an elected one. The term is often used in politics to refer to the person holding a position during an election. Incumbents have an obligation to the position or office they hold, and they are responsible for the known responsibilities that come with it. In business, an incumbent may also refer to a leader, specifically the leader of a company or a company that holds a large portion of the industrys market share. The term incumbent can also refer to the obligation itself or to the sense of duty surrounding the accomplishment of a particular task or objective.