diff --git a/dependencyManagement/build.gradle.kts b/dependencyManagement/build.gradle.kts
index cb43a7e74..225512958 100644
--- a/dependencyManagement/build.gradle.kts
+++ b/dependencyManagement/build.gradle.kts
@@ -11,7 +11,7 @@ val otelContribAlphaVersion = "1.41.0-alpha"
 val autoValueVersion = "1.11.0"
 val dockerJavaVersion = "3.4.0"
 val mockitoVersion = "5.14.2"
-val protobufVersion = "4.29.0"
+val protobufVersion = "4.29.1"
 val slf4jVersion = "2.0.16"
 
 // instrumentation version is used to compute Implementation-Version manifest attribute
diff --git a/licenses/licenses.md b/licenses/licenses.md
index f20693ae0..342327933 100644
--- a/licenses/licenses.md
+++ b/licenses/licenses.md
@@ -1,7 +1,7 @@
 
 # splunk-otel-javaagent
 ## Dependency License Report
-_2024-11-29 07:33:33 EET_
+_2024-12-05 15:43:35 EET_
 ## Apache License, Version 2.0
 
 **1** **Group:** `com.squareup.okhttp3` **Name:** `okhttp` **Version:** `4.12.0` 
@@ -132,7 +132,7 @@ _2024-11-29 07:33:33 EET_
 
 ## The 3-Clause BSD License
 
-**30** **Group:** `com.google.protobuf` **Name:** `protobuf-java` **Version:** `4.29.0` 
+**30** **Group:** `com.google.protobuf` **Name:** `protobuf-java` **Version:** `4.29.1` 
 > - **Manifest Project URL**: [https://developers.google.com/protocol-buffers/](https://developers.google.com/protocol-buffers/)
 > - **Manifest License**: The 3-Clause BSD License (Not Packaged)
 > - **POM License**: The 3-Clause BSD License - [https://opensource.org/licenses/BSD-3-Clause](https://opensource.org/licenses/BSD-3-Clause)