The monopoly era does not exist anymore. With some exceptions, people can carry on every type of business. Hence, there are people with a similar business, resulting in increased competition. Many similar products are available, creating confusion amongst the buyers. Some people also started selling fake products which created the need for a trademark. A trademark helps the buyer to ascertain the authenticity of the product and its true seller. But people avoid registering a trademark considering it is a lengthy process.
Read More :- Timeline for Trademark Registration Process