Competition is growing
Not necessarily. There are more websites, certainly, but I don't believe there are ten times the number of suppliers in my niche than there were ten years ago. In my niche, at least, there have been more failures, liquidations and mergers than fresh starts (or new websites for suppliers that didn't have one in 2008).
You need to focus on what it is you are competing
for. Most of us want customers, not page hits.
For all the criticisms I or anyone else may have of Google, I think what Google wants is for the searchers who want more than anything else to get your product from you to find your site, and it is your job to help that happen. My site used to get hits in the tens of thousands, but the fact is I couldn't possibly handle tens of thousands of customers. My impression, generally, is that while absolute count has diminished very substantially, relevant enquries haven't. I'm also happy to report that irrelevant enquires, while still a problem, are not as frequent as they were five or ten years ago.
Google has no interest at all in sending you visitors, or in frustrating searchers. On the other hand, giving searchers exactly what they seek creates searchers who continue to use Google as their default, which puts Google's paying advertisers in front of more people.
In most sectors I think what has increased is not competion, but
noise: the increase in sites means a much bigger haystack to search for your needle in, but your searchers are looking for a needle, not hay. Your site needs to stand out from the noise, not compete with hay-seekers.