What is sole provider meaning?

A sole provider is a term used to describe an individual or company that is the only source of a particular product or service. In other words, it means that there is only one supplier for the given product or service. This can be either because there is no competition in the market or the company has a dominant position in the market. A sole provider can be a good thing for the company, as it has a monopoly in that particular market. However, it can also be problematic for consumers, as it limits their options and can lead to higher prices. Additionally, in some cases, the sole provider may not provide the best quality product or service as they have no competition to motivate them to improve.