Well, if you check the last page of google, it will say like 10mil are related, therefor you are only competing a few tousands the max.
Definately doable. But I'm thinking you have search traffic confused with competition. Your thread title is asking if there is enough search volume, but your post is referring to the number of competing sites. These are two very different things. The image you posted from Google is just the number of sites that currently rank for the term, it has nothing to do with the amount of search traffic.