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Concerning the critical role of Intelligent Transportation System (ITS) in tackling the problem of traffic congestion, and enhancing the safety, mobility and sustainability of the transport network, this paper provides a comprehensive review of recent developments in Connected Vehicle (CV) technology, its features and terminology. The real-world implementation of the CV technologies can result in a better understanding of the practical and technical issues. Given the technical and conceptual challenges, as well as novelty factors associated with CVs, many CV pilot studies around the world are reviewed, and their findings are summarized. The paper contributes to the literature by reviewing the characteristics, communication platform, multimodality, size and type of study areas of the pilot CV testbeds across the world. This research also paves the way for the better development of CV technology by comparing and discussing the pros and cons of the existing CV pilot testbeds. Moreover, we have discussed the evaluation plans and the advantages and disadvantages of different testbeds. Besides, as a main component of the CV system, the traffic signal control algorithms, as well as transit signal priority in a CV ecosystem, are also reviewed. Based on our findings, the real-time data obtained from the CV system could result in a better adjustment of traffic signal parameters which consequently enhance the traffic regulation in the network (say up to 30% in terms of travel time in comparison with an actuated coordinated traffic signal). However, a major criticism of the existing traffic signal strategies in a CV system is that they do not utilize the maximum capability of the CV system (V2 V, V2I and I2I communications). [ABSTRACT FROM AUTHOR]