This error can occur after the Windows 10 update, either 1511 or 1607.
This issue occurs as part of the upgrade removes the VMWare authorization service. If you click Start->Run and type service.msc you will see the service missing.
Go to Control Panel->Add/Remove Programs and repair your VMWare Workstation installation.
The other option is to update your version. Ensure you have the correct licensing before you do this.