Stamford, Connecticut-based global media research firm PQ Media reports that digital out-of-home media revenues in the U.S. are on pace to grow at a rate of nearly 9 percent this year, compared with a growth rate of 11 percent in 2015.

2015 was the fastest growth rate in five years, reaching the $2.7 billion in revenue mark. That came just a year after PQ Media reported growth of just 3.1 percent in 2014, the second-lowest growth rate since the company began tracking digital out-of-home advertising in 2000.

Exposure by consumers to digital out-of-home advertising, which PQ Media defines as either place-based networks or digital billboards and signage, is expected to grow by 5.3 percent this year, the fastest growth rate since 2011. Last year consumers' exposure grew 4 percent, to about 54 minutes per week.

The report says that trends such as consumers spending more time outside their home and the gradual improvement of the U.S. economy should help brands choose to use more digital out-of-home advertising vehicles in the next five years. Through 2020, the research firm says it expects a compound annual growth rate in revenue of 9.3 percent.