Which is correct: "new features in" or "new features of"?

Which of the following sentences is correct?

• The new features of the software are given below
• The new features in the software are given below

Solution 1:

As noted in a comment, both are grammatical, and ngrams for features in the software, features of the software shows that “features of the software” occurs in books far more often than does the other form.

Also consider saying “The software's new features are given below:”, “The software's new features include”, etc.

Note, if you specify a version number, then in may be better than on. Eg, “New features in software release 14.03 include:”.

Solution 2:

It is important to understand that the frequency of a word or phrase is not directly connected to its appropriate use. The appropriate use is decided by the context.

in the software indicates that the feature is within/inside the software, e.g. a reduced amount of code or a more efficient algorithm

of the software is a broader - it means "associated with the software". Here it is possible that what is meant is there is added user functionality.