I got the answer online that this is data source dependent.
Is there an alternative for this?
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This function is available for Text File, Google BigQuery, PostgreSQL, Tableau Data Extract, Microsoft Excel, Salesforce, HP Vertica, Pivotal Greenplum, Teradata (version 14.1 and above), Impala 2.3.0 (through Cloudera Hadoop data sources), and Oracle data sources.
Please confirm your data source.
Source is Sybase which I realized is not supported.
Is there an alternative ?
You could extract your Sybase data into a Tableau Data Extract. Then you can use REGEXP functions.