I think that no matter what your idea is, it always has some other competitor already establish in that industry. Think of it this way: we have car, Toyota, Honda, Ford,...Lots of car company. We have beer, bunch of beer. So I don't see why we shouldn't build a product even it's already has a clear leader. Why do Gitlab build their product when Github BitBucket is so big...
At the end of the day, business is all about finding client. All you have to do it build a product, good enough, find some client, and go from there. You can even pivot your product to something completely different. You may gain more experience, knowledge deal with the system which may leads to other production.
You gotta start something first. The purpose is to have a sense of what is going on. No matter how good a product is, I always see someone complains about some aspect of it. That means it has room to improve, it has another way to do it, to make it better and sell to those people.
So, yes. Go ahead. Build it. And let it know when you launch it.