There is a strategy called fast follower where you run behind a competitor (first mover) waiting for them to trip up. Quite often they do. You can learn from their mistakes, operate leaner, you take different risks, make different partnerships, etc.

Often the first mover advantage comes with a lot of pride leading to arrogance and them making unforced errors.

Keep your head and focus on execution, margin and survival. Who knows what the future holds.

I'm the lastest entrant in a very mature market and I'm cleaning up.