Realization of natural language processing and machine learning approaches for <scp>text‐based</scp> sentiment analysis

Abstract The leading intention of the current paper is to review the research work accomplished by various researchers to achieve sentiment analysis on the text and to elaborate on natural language processing (NLP) and various machine learning algorithms used to evaluate textual sentiments. In this study, primitive cases are considered that used crucial algorithms, and knowledge that can be opted for sentiment analysis. A survey of the work that has been done till now is conducted observing the results and outcomes concerning varying parameters of various researchers who worked on previously existing as well as novel and hybrid algorithms opting legion methodologies. The fundamental algorithms like Support Vector Machine (SVM), Bayesian Networks (BN), Maximum Entropy (MaxEnt), Conditional Random Fields (CRF) and Artificial Neural Networks (ANN) are also discussed to achieve practice percentage and accuracy score in the field of NLP, sentiment analysis and text analytics. Various other novel approaches and algorithms like CNN, LSTM, KNN, K*, K‐means, K‐means++, SOM and ENORA, along with their limitations and the performance metrics providing accuracies for major open data sets are also analyzed.