This is used in business contexts all the time yet many Spanish people get it wrong. Spanish people say "competence" which means something completely different.
So when you want to say "la competencia" you need to use the expression: "the competition". Example: "The competition in this sector is very high"!
I hope that helps!
Soy el director de Daniel Smith + Partners. Tengo más de 15 años de experiencia enseñando inglés a españoles.