Exactly. Industrial automation also isn't sexy and manufacturing margins are small so the big dogs in the industry have limited R&D resources.
The upside is a lack of competition and a B2B environment. No need for a marketing department when you just have to attend a few industry trade shows a year.
Be careful with "lack of competition". You are ALWAYS competing with the incumbent solution. No matter how clumsy or awkward it seems; no matter how much better it could be; those solutions have amazing staying power and your niche can become your enemy because there's a limit universe of customers to sell the solution to.
The upside is a lack of competition and a B2B environment. No need for a marketing department when you just have to attend a few industry trade shows a year.