The driver was shot dead after barrelling the truck two kilometres through the festive crowd on the palm-lined Promenade des Anglais, sending hundreds fleeing in terror and leaving the area strewn with bodies.
Authorities said they found identity papers belonging to a 31-year-old French-Tunisian citizen in the truck, as well as "guns" and "larger weapons".
The attack was of an "undeniable terrorist nature," a sombre Hollande said in a televised national address, confirming that "several children" were among the dead as families came together to celebrate France's national day.
The attacker struck after a day of military pomp and ceremony in Paris -- where armed forces, tanks and fighter jets swooped down the Champs Elysees avenue -- and spectacular firework displays.
"France was struck on its national day ... The symbol of freedom," said Hollande.
A photograph showed the front of the truck riddled with bullet holes and badly damaged, with burst tyres. A lone doll lay abandoned on the promenade where families celebrated the holiday just hours earlier.
"We saw people hit and bits of debris flying around. I had to protect my face from flying debris," he said.
Interior Minister Bernard Cazeneuve told reporters on the scene that the death toll stood at 84, with scores injured including 18 in "critical condition".
The attack is the third major strike against France in less than 18 months and prosecutors said anti-terrorist investigators would handle the probe.
It comes eight months after Islamic State attacks on Paris nightspots left 130 people dead, dealing a hard blow to tourism in one of the world's top destinations.
Hollande announced he would extend France's state of emergency for three months in the wake of this latest attack and "step up" the government's action against jihadists in Syria and Iraq.
He also called up army reservists to bolster the country's security services that are stretched to the limit.
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