Stochastic modeling is a statistical technique used to analyze complex systems where outcomes are uncertain. It involves using a range of mathematical tools to predict the likelihood of different outcomes or scenarios. The purpose of stochastic modeling is to generate a more realistic model of a system by accounting for the randomness and uncertainty involved in its workings. In various fields like finance, engineering, and medicine, stochastic models have proved useful in predicting trends, assessing risks, and developing appropriate decision-making strategies.

Fractional calculus, on the other hand, is an area of mathematics that deals with the theory and application of derivatives and integrals of non-integer order. It is a branch of calculus that extends the conventional calculus to fractional order derivatives and integrals. Fractional calculus is relevant in modeling complex systems such as the diffusion of gases, thermal conductivity, and viscoelastic materials. By utilizing fractional calculus, one can generate a more accurate model of these systems and predict their behavior under different conditions.

The two concepts – stochastic modeling and fractional calculus – are interconnected. Stochastic modeling allows modeling complex systems where the outcomes are uncertain, thereby providing better predictions of real-life phenomena. Fractional calculus offers differentiation/integration operators of non-integer order that enriches the stochastic models. For example, to model stock prices, a stochastic model may be used, but a fractional calculus operation can be applied to enhance the modeling accuracy.

One benefit of using stochastic models for fractional calculus is the ability to capture the randomness of real-world systems and generate more realistic models. Stochastic models simulate natural systems under different conditions and generate numerous outcomes. Another advantage is that stochastic models are flexible and can be adapted to different systems with relative ease. However, there is a misconception that stochastic models provide a complete view of a system, whereas, the models predominantly provide probabilistic outcomes.

The limitations of relying solely on stochastic models and fractional calculus for modeling complex systems must also be considered. While these techniques can yield accurate results, they may not always account for all the factors or variables at play. Thus, the predictions generated by these models may be less reliable being too theoretical or too far from reality.

Stochastic models for fractional calculus have been dramatically applied in different industries. For instance, in finance, stochastic models are used to predict stock prices, exchange rates, and other financial securities, allowing investors to make intelligent decisions. In engineering, stochastic models can be used to simulate the steady-state behavior of power systems. Similarly, in medicine, these models can be used to study blood flow changes in people and the effects of medical interventions.

In the future, stochastic models for fractional calculus can be applied to other fields such as ecology, climate change, and spatial modeling. With advances in technology, the combination of these methods with deep learning algorithms is highly promising in upward trends. Deep learning algorithms can improve stochastic model accuracy, making it possible to offer much more realistic models.

In conclusion, stochastic models for fractional calculus have proved to be valuable tools in modeling complex systems. By accounting for randomness and uncertainty, these models provide more accurate and realistic predictions. Their use has become widespread in diverse fields such as finance, engineering, and medicine. While there are limitations to their use, further advancement and integration will develop more effective models for the future.