Driven by the advances of information and communication technologies (ICT) as well as the increasing complexity of product and service bundles in business market, smart product-service system (Smart PSS) has become a key factor for industrial companies to meet demanding customer expectations of individual product and services. Requirement management, as the first step of Smart PSS development, significantly affects its final success. In Smart PSS, requirement management is endowed with new capabilities and opportunities due to the mature of the advances of techniques and smart devices. The manner of requirement management has transformed from a human-intensive manner to a data-driven manner. Facing this challenge, scarcely any paper discussed the foundations of managing requirements in the context of Smart PSS. In this paper, the prerequisites of managing requirements in Smart PSS are discussed, data properties, representation format and reasoning methods are analyzed based on a data-driven requirement management architecture. Two potential scenarios of requirement management are discussed as well. This work depicts the deserving manner of requirement management in Smart PSS, which points out key points of managing requirements from heterogeneous usage data in the new Smart PSS paradigm.