Wanderers saw their eight-match unbeaten run in the Championship ended by Carlos Edwards' 88th-minute winner at Portman Road.
"Obviously we're disappointed with the result," said Freedman, whose side remain eighth in the table.
"It was a very hard-fought and physical Championship game. From the 60th minute onwards, I thought we were dominant in possession and created a few opportunities.
"We could have worked their goalkeeper a bit more, but we looked the more capable team towards the end and the most likely to score.
"We had the ball in the right areas, but were perhaps let down by the last decision whether to shoot, cross or control the ball in vital areas.
"To then get mugged at the end was very disappointing, but we mustn't look back.
"We're a match for anyone and there's no doubt in my mind we can win another five games, especially playing the way we did today, to keep our season alive."