Losing 4-1 on the night, Chelsea were dumped out of the Champions League 7-1 on aggregate.
But Lampard found plenty of positives and was particularly impressed by wing-back Reece James on the night.
He declared: "It is a good exercise for us, to look at a team like Bayern and the Champions League experience they have in their ranks, hundreds of appearances through their team, and we had young players in their debut seasons. Reece James went toe to toe with top players and put in an incredible individual performance.
"A game with this high-level opponent is going to stretch you and strain you, and it will be an experience for Reece and Callum (Hudson-Odoi) and Tammy (Abraham) and Mason (Mount). What I saw is young players staying in a game, showing their quality and fighting until the end.
"N'Golo Kante has played 50 per cent of our games this year, we've missed him badly, and he's shown why he is the player he is with his level of performance, particularly during the second half.
"The result isn't nice. Probably most expected us to lose anyway, but we went in with the right intentions and we competed. I will never be happy with a defeat, but when you match up the two teams, and think about where we want to get to, it will take time. It's not overnight. Now we take a rest, which the players richly deserve, we look forward and we want to improve."