South Africa have lost four of their six matches, including their last one against New Zealand and also still have to face Sri Lanka and holders Australia.
"Naturally after the (New Zealand) game, it was a tough one to swallow because it was important for us... and it was really close," Markram told reporters at Lord's on Saturday.
"It's nice to see a team like Sri Lanka with great players, and... struggling for form, have been able to overcome one of the favourites. It's inspirational and we can take a bit of learning from that.
"It's really important that we win the remaining three of our games, and if there's outside chance of qualifying, that would be incredible... we never feel done and out."
Pakistan too have struggled with one victory in five games and lost tamely to fierce rivals India last time out.
Mohammad Amir has been one of few players in the team to enjoy success in the tournament, claiming 13 wickets in four matches, and Markram said the Proteas were wary of Pakistan's attack.
"Pakistan have got a really good bowling unit. Amir is back and in form and... their bowling line-up is one we definitely can't take lightly," he added.
"By no means are we just going to lay down and roll over. We are going to compete as hard as we can for the next three games with the focus on winning all three of them and seeing how far it can take us."
(Reporting by Shubham Kalia in Bengaluru, editing by Ed Osmond)
