The body was discovered on Wednesday following a month-long search by police after Mr Davies was reported missing following a Christmas works night out on 20 December.
Gwent Police said the body had been formally identified folllowing consultation with dental records
Results from a post-mortem examination are expected on Monday and should confirm the cause of death.
Officers expressed their condolences for Mr Davies's family.
River
Police divers had been searching the River Taff for nearly a month after Mr Davies, 39, from Blaenavon, disappeared.
The body was recovered from the water 150m downstream from the Penarth Road bridge in Cardiff city centre.
It is believed it has been in the water for some time.
Posters
Mr Davies was last seen by friends in St Mary Street shortly before 2300 GMT on their night out.
He had spent the morning go-karting in Newport before he and colleagues caught the 1600 GMT train to Cardiff.
They drank in a number of city centre bars and pubs.
Mr Davies was last seen in a bar called Reflex.
At the time of the disappearance, there were separate reports that a man was seen in the River Taff near the Millennium Stadium.
Michelle Davies, the missing man's wife, later circulated leaflets and posters across the city in an effort to find fresh information about her husband.
Mr Davies's disappearance was described as being completely out of character.
The couple have two children, Justin, 13, and Charlotte, 10.
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