In 2022, the global IC design industry reached a shipment value of US$201.6 billion, growing 18.5% year on year. Driven by the continued demand from the chip shortage in 2021, the IC design industry saw unusual growth in the first quarter of 2022, typically the off-season. However, from the second quarter onwards, revenue for IC design firms focused on consumer electronics began to decline sequentially due to global inflation, the Russia-Ukraine conflict, and COVID-19 lockdowns in China. This triggered industry-wide inventory adjustments in the second half of 2022. Despite this, higher revenue in the first half and strong sales of networking and data center chips sustained double-digit growth throughout 2022. This report examines the development of the IC design industry and key players in 2022, and offers insights into the industry's outlook in 2023.