Although former Real Madrid and Besiktas coach Del Bosque admitted that his side were second best in the first half, he praised their determination after the break.
"We have to accept the result and look forward," he told Sky Sport Italia. "Italy are very strong and physical.
"They knew full well what they had to do and carried on their project with great force. We were too timid in the first half, but after the break we poured forward and tried everything to the very end.
"Any defeat like this hurts, naturally. Over the last eight years we've been so strong, today was Italy's day. We tried aerial play, crowding them out, strategy... all with no luck."
Regarding his future in charge of the national team, Del Bosque said that he is due to hold talks with the Spanish FA, but "[has not] made any decisions yet".