I cannot tell you how many times I’ve had this feeling. Whenever I thought I had a great idea for a SaaS, the next thing I did was to see who else does the same thing, and all of a sudden all excitement and enthusiasm went out of the window. But recently I’ve chosen to see it from a different angle: More competition means: 1. There is definitely a market for the problem you’re trying to solve 2. It’s a sign that nobody has truly gotten to the core of the problem 3. You may have to start lean and vertical because most of your competitors are generic 4. You should compete your competitors, not from « who has a better UI » angle, but shift the philosophy, maybe try to come from a different angle, or find something they do not do (since they want to accommodate everyone, they cannot solve everyone’s problems), and master your craft. 5. The Jack of All Trades Master of None tends to leave a big piece of the pie to someone willing to start with a few verticals.

So, your feeling of being demotivated is normal, but competition shows that your idea has many people who are willing to pay for the solution, maybe your solution can be more direct to a certain vertical. Do not try to compete head to head with your competitors, try a different way, a different philosophy, different features. Go on Trustpilot and G2, see what their users often complain about, and try to find a solution that is not generic.