"Bayern certainly had chances, but the longer the game went on I thought City looked more comfortable and could have had a penalty towards the end," Redknapp told Sky Sports News.
"Pep Guardiola felt confident his side should have won the game, but I didn't feel there was that onslaught that you have seen on previous occasions when you go to the Allianz. Bayern Munich will get better, there's no doubt.
"I did feel City did enough to get a point. When you get that far into a game, an 89th-minute winner is an absolute killer, but they have got to get on with it. There's nothing they can do now. They've just go to look forward to that next game and make sure they beat Roma at home."
Man City return to Premier League action this weekend when they host Chelsea.