The Liverpool captain provided the assists for both goals in his side's 2-1 victory over Newcastle United at Anfield on Sunday, as the Merseyside club finished 2013-14 two points behind champions Manchester City, who won 2-0 at home to West Ham to seal their second Premier League crown in three years.
Liverpool had looked on course to seal their first title since 1990 until a 2-0 defeat to Chelsea last month and a 3-3 draw at Crystal Palace on Monday put City in the driving seat.
And Gerrard, now 33, believes Brendan Rodgers' men can challenge again for top spot next term.
"I'm devastated," he told Liverpool TV. "To come so close and to fall away so late is difficult to take.
"There's mixed emotions at the moment because it hurt so much not delivering the title for this support.
"It's took me until I'm 33 to get this experience of a proper title race and what this is going to do for this young squad is it's going to take them to the title, whether it's this year or the year after, it will happen pretty soon, that's what I believe.
"I thought my days of title races were over. I have to honestly admit that, but having played with this group, it's back, the dream's back.
"Although I've only got a couple of years left maybe I still believe I can get there. I never give up fighting but I thought I'd never be able to say it, I'm really confident that the title is not too far away."
