The team ultimately finished 451 points behind Red Bull, amassing less than half of the Milton Keynes-outfit's total points tally.
Yet Hamilton, who claimed P3 in the drivers' championship, believes that Mercedes are capable of catching Red Bull after he caught a glimpse of the yet-to-be-unveiled W15 for next season.
Hamilton: Mercedes can catch Red Bull
"It's always the exciting time of the year because I have seen the car in the wind tunnel," he said at the FIA's end of season awards gala.
“I always go by the wind tunnel when I go to the factory and to see it evolving in whichever direction it ends up going.
"As soon as I was leaving, again I popped in just to see where we were and when I come back it'll be again a different animal.
"But I have full faith in everyone that's working on it and hopeful that we'll be in a much more competitive position next year."
"I have to say a big congratulations to Red Bull and to Max and Checo,” he added later on in the evening. “They've done an incredible job this year. Max was faultless.
"The team really raised the bar and we have a lot of work to close that gap. But I truly do believe that we can close that gap.
"And a big, big thank you to my team because they never gave up this year. We started off with the sister basically of the previous year's car which was not good and not fun to drive for most of the year, but no one gave up.
"Everyone continued to show up every day and that was what was most inspiring for me.
"I hope we come back next year and give it everything."
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