It depends on how much local data you want to keep on the Windows side. I have a 32Gb W8.1 installation, but there is very little non-OS information on the C: drive. You can make it larger. I also have a 256Gb partition for Bootcamp (on a different machine) which is a much more independent installation where I can locally store documents. This one is also used under VMware.
VMware will boot a Windows installation on the Bootcamp partition without a reboot normally required if there was no Vmware layer. It does not require a virtual disk, it will use the Bootcamp filesystem.
Bootcamp requires a partition, but VMware can be used (without Bootcamp being installed) using a virtual disk. One additional advantage of VMware (and other VM solutions) is the ability to expand the virtual disk based on available underlying physical drive space. It is a bit of work to expand a VMware installation virtual disk, but it is possible.
In contrast, Bootcamp partition expansion is an order of magnitude more painful and requires re-installation of Windows (Winclone has a workaround). There are other challenges with Bootcamp due to the implementation that Apple engineers chose (words like EFI/UEFI and CSM-BIOS come into play on this subject).
A virtual disk appears as file(s) to OSX and can be backed up via Time Machine, but a Bootcamp partition cannot be backed-up/restored via Time Machine. There is no way to partially restore a part of the virtual disk either.
So either choice, on it's own merit has drawbacks, but combined with each other can, they can address some of each others limitations. OSX can read an NTFS partition, but requires third party assistance to write. VMware allows file sharing between the two OSes.
This is a high-level set of differences in either approach. You can spend some time on the Apple Bootcamp page for further reading, while VMware ha a huge documentation library/KB at your disposal.