Can the word "incumbent" be used to describe a company?

I just ran across a reference to "incumbent companies." I think the writer means "established" or "long-established" companies.

I thought incumbent referred to office holders — politicians and other public servants. Is it OK to use incumbent this way?

Here's the paragraph:

The big challenge for many incumbents is speed and agility. They are simply too slow. For companies to become faster and more agile, B— believes that the key is building an engaged employee base.

Solution 1:

It's a way to refer to established companies in business and economics.

A Dictionary of Economics: "incumbent firm"

Harvard Business review: "The Incumbent's Advantage"

Google Scholar results for "incumbent firm"

Solution 2:

I guess it depends on what sector you are in if it's part of the standard jargon. This term very common in telecoms - e.g. "Incumbent telco" or "Incumbent operator" gives lots of google hits, where it actually has an extra connotation, e.g. quoting http://moneyterms.co.uk/incumbent-telco/:

An incumbent telecommunications company is a former monopoly that still has a dominant market share. For example,the incumbent telco in Britain is BT, the former British Telecom. Incumbent telecoms companies are in a very strong position.