alt Hacker NewsYup hearing big talk about competition and doom is a strong signal that there is plenty of demand.
You can either bet on the new unproven thing claiming to change things overnight, or just do the existing thing that's working right now. Even if the new thing succeeds, an overnight success is even more unrealistic. The insight you gain in the meantime is valuable for you to take advantage of what that change brings. You win either way.
When there is no competition that is a sign there is no demand.
There can sometimes be too much competition, but often there is only the illusion of too much if you don't look at quality. You can find a lot of cheap engineers in India, but if you want a good quality product you will have to pay a lot more.