Over the past few years, we have experienced great technological advancements in the information and communication field, which has significantly contributed to reshaping the Intelligent Transportation System (ITS) concept. Evolving from the platform of a collection of sensors aiming to collect data, the data exchanged paradigm among vehicles is shifted from the local network to the cloud. With the introduction of cloud and edge computing along with ubiquitous 5G mobile network, it is expected to see the role of Artificial Intelligence (AI) in data processing and smart decision imminent. So as to fully understand the future automobile scenario in this verge of industrial revolution 4.0, it is necessary first of all to get a clear understanding of the cutting-edge technologies that going to take place in the automotive ecosystem so that the cyber-physical impact on transportation system can be measured. CIoV, which is abbreviated from Cognitive Internet of Vehicle, is one of the recently proposed architectures of the technological evolution in transportation, and it has amassed great attention. It introduces cloud-based artificial intelligence and machine learning into transportation system. What are the future expectations of CIoV? To fully contemplate this architecture’s future potentials, and milestones set to achieve, it is crucial to understand all the technologies that leaned into it. Also, the security issues to meet the security requirements of its practical implementation. Aiming to that, this paper presents the evolution of CIoV along with the layer abstractions to outline the distinctive functional parts of the proposed architecture. It also gives an investigation of the prime security and privacy issues associated with technological evolution to take measures.