I am running Workstation 12 Pro version 12.1.1 build-3770994 on Windows 10, 64-bit (Build 10240) 10.10.10240. I am logged in as a local administrator so I have full local admin privileges. Furthermore, I have run Workstation as an administrator (right-click, run as Administrator) and that hasn't helped.
I get the following error when I attempt to download all components by clicking the "Download All Components Now" button from the Updates section in the Preferences dialog:
"Error: There was a problem updating a software component. Try again later and if the problem persists, contact VMware support or your system adminstrator."
I have included a screenshot below.