Raphael Varane's fantastic header and a goalkeeping howler by Fernando Muslera to gift Antoine Griezmann a goal saw France ease to victory in a far more comfortable outing than the thrilling 4-3 last-16 win over Argentina.
"We had done something big against Argentina and today we have again raised our level," Deschamps told BeIN Sports. "I have a good team that still has plenty of room for improvement.
"You can see our lack of experience sometimes, but we have so many qualities too.
"In any case, it definitely won't be a failed World Cup now, and we'll wait to find out our opponents and see what happens."
France will face either five-time champions Brazil or Belgium in Saint Petersburg on Tuesday for a place in the final.