Should I start work on product if I know that there many competitors already on the market?
What should it mean?
The market is full or there is a high demand so other players can jump in to the market as well.
What should it mean?
The market is full or there is a high demand so other players can jump in to the market as well.
Having competitors is a good sign, as it proves that there is a problem that needs solving and people are paying money to have that problem solved.
Remember Dropbox: When they came to market there were tons of file sync apps, but Dropbox conquered them all because they were able to differentiate based on ease of use (it just worked, the competitors basically all sucked somehow).
@jansroka good point
Yes, you should. As others said, it proves the problem is there and now it's your turn to show your idea on how to solve it and then market it.
Many big companies started with the competition;
Facebook wasn't the first social network.
Airbnb wasn't the first home-sharing site.
And Stripe wasn't the first payment platform.
Don't copy them; find how you think you can sell the idea so others benefit from it and buy it :)
Yes, it is not always about creating something better or going to a niche. It also may be about finding better sales channels:)
If you intend to create a better product, or build a product with a specific niche than I think the answer is yes