noun
Refers to a person or entity competing in business, sports, or other contests. Slightly formal; ライバル is more common in casual contexts.
新製品で競合者に差をつけたい。
We want to get ahead of our competitors with the new product.
彼は長年の競合者を破って優勝した。
He defeated his long-time rival and won the championship.
Similar meaning, but 競合者 emphasizes direct competition for the same goal or market, while 競争相手 is a broader term for any opponent in a competition.
Compound of 競合 (competition, contention) + 者 (person). The exact historical derivation is uncertain, but the word follows a standard Sino-Japanese pattern for forming agent nouns.