The Bianconeri crashed out of European football this season on Wednesday with a 2-0 home loss after previously being defeated in the first leg 2-0.
Conte feels Bayern is simply too good for Juventus at this stage and, with Pep Guardiola set to take the reins in the summer, he predicted that the next few seasons could see the Bavarians dominate on the continent.
"We have a lot of work to do, we already knew that. In any case, I congratulated my players because what we have done in the last 18 months is amazing," Conte said at a press conference. "Nobody likes to lose, but you have to admit it when you face a team that is so stronger than you. They have played two finals in the last three years, so we knew there was a big gap between them and us.
"Bayern are really strong, individually and collectively, they can do wonderful things and they fight for every ball. It's tough to play against them and we did everything we could. We just have to admit they're better than us. I don't think we could have done anything more and the way the fans reacted at the end proves it. Bayern will be one of the best teams in Europe for many years to come."
Conte then went on to urge his men to turn their focus to Serie A again as they are looking to retain the Scudetto.
"We woke up from our dream - now we have to focus on the league again, and fast, because we want to win our second Scudetto in a row which would be a great achievement."
Juve currently holds a nine-point lead over second-placed Napoli in the Italian top tier.