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If you see that the Update button is grayed out as seen here...:
...it means that it is not possible to update from your current version to the next version from within the program. You might not have noticed that the update notification indicated a "Manual installation is required" as seen in this screen shot:
With major releases of Altium Designer a new installation is required. You can download the latest version from our website here https://www.altium.com/products/downloads. If you wish you can install this alongside your current version of Altium Designer.
If you are using a Standalone or Private Server license you may need to reactivate your license, the following video will give you guidance on how to do this.
This installation of Altium Designer is not supported by the subscription of this license.
Contact our corporate or local offices directly.