Yes, not only can it be used, but it already is, just smaller versions.
Siemens has a range of PCs with no moving parts, which you can load on Win AC to turn it into a soft PLC.
Advantech and other manufacturers also offer solid state hard drives. So far, the biggest that I have been offered was 4GB, which is plenty for most industrial applications without too much data logging. 32GB would be very nice.