Trump booked his spot in the semi-finals with a 6-2 win over the three-time world champion, and O'Sullivan admits he was outplayed at Alexandra Palace.
The 22-year-old raced into a 4-0 lead, although 'the Rocket' wasted chances, before O'Sullivan produced a spirited fightback before eventually losing 6-2.
The world number 16 admits he was simply outclassed by Trump on the day and O'Sullivan believes the 22-year-old's confidence could see him take the title this year.
"Judd played a fantastic match," said O'Sullivan. "He scored heavily and potted some fantastic balls. All credit has to go to Judd because he's performed better than me on the day and deserved his victory.
"When someone's playing as well as he is, and playing with so much confidence, then it's very difficult to stop sometimes.
"All you can do is do your best. I couldn't give it any more out there - I gave 100 per cent."
O'Sullivan has only been beaten by such a heavy scoreline at The Masters once before, against Jimmy White in 2001, but the 36-year-old did manage to produce the highest break of the tournament so far with an impressive 141 under pressure.
Trump will face the winner of Friday's last eight showdown between Welshman Mark Williams and 2010 world champion Neil Robertson in the semi-finals.