Predictive Maintenance w/ Stochastic Methods

In my undergraduate I did a project where I developed a simple program based on a multivariate regression algorithm to predict mechanical strain in aircraft components. I trained the model based on previously collected data, and it was an interesting exercise and had some valuable outcomes.

Now, with the advancement in machine learning how much of an impact can research in this area make? Does such a field of study have a chance to be industrially relevant? I would like to hear some views as I'm contemplating working on a few projects related to this during my master's.

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