The organisation's CEO Dr Richard Wilson believes that the handset's larger screen and A6 processor chip will enable developers to break new ground in the mobile sector.
He said: "When new technology arrives, it creates a buzz and expectation and it seems Apple's new iPhone 5 and iPod Touch will produce better gaming experiences for new games.
"Developers will be able to take advantage of the faster chip, higher frame rates and better graphic capabilities with the larger screen in particular being great for games that have on-screen controls.
"The App Store and iOS have already proved to be a winning combination for many of our members and we can see that continuing for some time to come."
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However, TIGA was also quick to point out that the larger screen size could be problematic for some previous generation apps, with developers incurring additional expense to optimise their titles for the 4-inch display.
Apple formally unveiled that iPhone 5 yesterday (September 12) at its press conference in San Francisco.
Photo gallery - Apple's iPhone 5 in pictures: