noun
person being waited for; the awaited one
Refers to the person one is waiting for, often with a sense of longing or anticipation. Common in poetic or literary contexts.
待ち人はまだ来ない。
The person I'm waiting for hasn't come yet.
彼女は駅で待ち人を探していた。
She was looking for the person she was waiting for at the station.
noun
person who waits; waiter
Less common; refers to the person doing the waiting. Often replaced by 待っている人 in modern speech.
待ち人は寒さに震えながら立っていた。
The waiting person stood shivering in the cold.
待ち人 is a noun derived from 待つ, specifically referring to a person involved in waiting, while 待つ is the verb 'to wait'.
Compound of 待ち (machi, the continuative form of 待つ 'to wait') + 人 (hito, 'person'), with rendaku voicing of ひと to びと.