There isn't a wait feature in eso, only in the single player TES games.
I just want to add that ESO actually does have wait functionality, it's just manual. All you have to do is place your character where you want to wait, and then log out or switch characters. When you log back in to that character, time will have progressed, and your character will still be in the same spot (except for in certain instanced areas). Generally the longer you wait for, the longer your character will have waited for.