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Features of software as a component of instrumentation and control (I&C) systems are analyzed. Attention is paid to the importance of functions performed by software and hazards of such software. Requirements for characteristics of software as a component of I&C systems are analyzed. Different regulatory documents are considered in order to disclose common approaches to the use of dedicated software and off-the-shelf software components. Classification of software, as well as classification of requirements, is described. Criteria of selection and structuring of requirements, as well as criteria for software verification, are defined. As long as the characteristics of software components directly depend on the quality of the processes of software development and verification, requirements for software life cycle processes are considered.