With the rapid development of web 2.0, increased users of online social media show keen interest to express their opinion and reviews on numerous aspects such as microblogs, various products, hotels, movies and political issues. At present, text mining plays a vital role in various application domains such as online media, healthcare, security applications, business, marketing and industrial applications. In text mining, sentiment analysis or opinion mining is a task carried over to extract or classify the information. This paper presents an exhaustive study on the performance factors highlighting the current state-of art techniques and the open issues on various machine learning based text mining approaches.