The Serie A club were well-beaten at the Allianz Arena in the first leg of their UEFA Champions League quarter-final, with David Alaba firing Bayern ahead within 25 seconds before Thomas Muller doubled their advantage in the second half.
Conte was gracious in defeat and believes the loss shows Juve have some ground to make up on other sides competing in Europe's top club competition.
He told Sky Italia: "Obviously we faced a really strong side. It wasn't a surprise.
"Congratulations to Bayern because they played a really good game.
"For sure we have returned to being competitive in Italy but in Europe we must improve.
"I have nothing to say to my players. I asked them for 100 per cent.
"We must be honest. They are a really strong side and they have beaten us.
"These are matches that let us understand the distance between us and these top sides.
"Now we must prepare for the second leg. Bayern are strong but we take this loss as experience and we will try to improve."
Juve goalkeeper Gianluigi Buffon echoed his coach in saying that Bayern were deserving winners on Tuesday night and knows the German side could have won by more.
He said: "We knew we had to play against a big team.
"Clearly we had certainty but tonight there are no complaints about the match. Bayern deserved the win. They had also many other chances to give us pain."
Juventus defender Giorgio Chiellini insists his side will not stop dreaming of reaching the semi-finals until the tie has been decided as they look towards the second leg in Turin next week.
He said: "There are 90 minutes left and we are convinced that in the second leg we will play for the qualification until the end.
"Surely there will be the need of a Juve side with more rhythm and more intensity. Anyway we will continue dreaming until the end."