How to fully compile a MATLAB application into an executable using MATLAB Compiler?

We are using the Application Compiler App in order to work with the deployment tool and create an executable as a standalone application. We are receiving this error message printed in the log file: "Message Key COM_MSG_DEPENDENCY_ANALYSIS_TOOL was not found in the catalog Compiler:compiler".

We are looking into it to see if this is something to do with the compiler/redistributable packages incompatibility. However, it does not seem to be the case from the error message. The requirement for MATLAB Compiler is only MATLAB, so we are not sure whether we are missing some part of the toolbox or it is all together a different issue. Any help or suggestion will be highly appreciated. Thank you.

The screenshot of the app and the error log file are attached herewith.