Incorporated in December 1996, Industrial Metrics started out by licensing the optical measurement technology developed by Range Vision Inc. between 1988 and 1996. The technology included products for rail measurement and coking drum inspection, and advanced camera calibration techniques. Industrial Metrics has since acquired all rights to the technology.

Industrial Metrics's focus is on software related to rail measurement and rail grinding. In 1997, Advanced Rail Management Corp., based in Florida, became resellers of Industrial Metrics software in North America, and Conwest Trading and Consulting of Budapest started representing Industrial Metrics in Europe. In 2002, Chicago's Holland Company became Industrial Metrics resellers.

In 2000, Industrial Metrics developed data collection software to run the ORIAN rail measurement system from KLD Labs. In 2002, Industrial Metrics' RPR Office System began to use data collected by the Laserrail system from ImageMap Inc.

In 2003, Industrial Metrics added data management, reporting and analysis software for geometry and GRMS data collected by a variety of track testing systems.

In 2004, Industrial Metrics developed tools for rail and tie replacement planning, and the Wheel Analyst module for analyzing wheel wear and the wheel-rail interface.

In 2005, Industrial Metrics developed Track Analyst Enterprise, and automated data alignment tools.
2006 saw a major revision of Industrial Metrics' Field System, adding support for the Solidtrack track geometry system from Andian Technologies in combination with KLD Labs’ ORIAN optical rail measurement. 

In 2006, Industrial Metrics developed a new generation of its on-board system, supporting track geometry and rail profile testing.

Under new Holland Company ownership, Industrial Metrics released Rangecam v. 11.0 in 2008. New features include a GIS (map) interface and a reports menu that can be customized, without program, to user needs.

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