I was getting the following error message after installing Windows 7 64 Bit on VMware Player Version 16.
Could not find component on update server. Contact VMware Support or your system administrator.
The VMware Tools is available as an ISO and can be downloaded from VMware here. Mount the ISO in your Virtual Machine and begin the install from it. 11.1.5 (the latest at the time of writing works) with Windows 7 and Windows 10.
10.0.12 is the last one that works with Windows XP.
Select Player → Removable Devices→CD/DVD→Settings…
Then ensure Connected and Connect at power On are selected and then select Browse:
Select the VMware Tools ISO and Open:
Run the Setup.exe. If it does not autorun, launch it from the CD/DVD listed in the guest Windows Explorer: