Performance: Error: The current request has timed out - when creating multiple segments

The 'Create multiple segments' task allows users to create multiple segments at one time.  When opening this task, users may receive a time out error:

The current request has timed out. 

This is most likely due to the large number of constituent segments that exist in the database.
Download and install the latest patch, which contains all fixes from previous patches. If you are running an older version, download and install the latest version and then the patch. 

Environment

 2.94.1524.39
 2.94.1524, patch 53 ; 3.0.516, Service Pack 1

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