Issue occurs post in-place Windows upgrade.
1. After ensuring that a snapshot(or backup) of the VM is present, take Windows Run and type "comexp.msc" and press Enter, or search for "Component Services" in the Start menu.
2. Check the COM+ Applications list for "VMware Snapshot Provider" entry as seen in the below image.
3. Right-click on the "VMware Snapshot Provider" service, then Disable and Delete the stale entry.
4. Go to the Control Panel and under Uninstall or change program, select VMware Tools and click on Change.
5. In the VMware Tools Setup dialog box, select Modify and Next.
6. Under Custom Setup, navigate to "Volume Shadow Copy" and choose "Entire feature will be unavailable"
7. Then select Next, Change and Finish.
8. Repeat steps 4 to 6, but in place of "Entire feature will be unavailable" select "Entire feature will be installed on the local drive"
9. Then complete the process by selecting Next, Change and Finish.
10. Go back to the Services and the "VMware Snapshot Provider" service should be present in Manual state.