Peterson was speaking after they got eliminated from the tournament following their 7-wicket loss to Sunrisers Eastern Cape last night, condemning them to a bottom place finish this season.
He says they just never found their rhythm and will have to regroup and do better next time.
"We lacked fluidity and consistency throughout the competition. Initially, with the ball and then with the bat later on in the competition. It's a disappointing season, and after the highs of last year, we got humbled this year."
Peterson says although they had a season to forget, they did still see some positives in their team.
While he was happy with the younger players and some of the experienced ones giving them some brighter moments, he says they left it too late to try and dig themselves out of trouble.
"What you guys don't see is that there a lot of young players in the squad, who have really shown their maturity and willingness to learn how to prepare for games. There is a lot of exuberance of youth in the background.
"There are other positives like Rickelton scoring runs for us, Hendricks ended the tournament really well, and Rassie van der Dussen was also amongst the top run scorers."
MICT played with a relatively unchanged squad from their title-winning season, with hopes of carrying the momentum into Season 4 of the competition.
The former left-arm spinner says they will have to make a few changes going forward to be able to compete for the trophy again.
The 46-year-old says this was a learning curve for him personally, and not only do the players need to improve but also himself as a coach.