Normally this wait type can be seen in backup and restore transactions.and whenever you will see this wait type your backup/restore process will be in suspended state most of the time because the process is waiting to get IO resource to proceed its operation and it will wait till certain time period then moved in suspended state. In that case your process will take more than its usual time to complete or most of the time it will hung or will showing in executing state for unknown time duration.
This wait type occurs when a task is waiting for asynchronous I/Os to finish. This wait type is normally seen with few other wait types like BACKUPBUFFER,BUCKIO etc. This is clear indication of DISK IO issue.You can also get the Average disk queue length or current disk queue length value at the same time when you are getting this wait type.Compare both counters and if these counters have high value then you should look into your storage subsystem. Identify disk bottlenecks, by using Perfmon Counters, Profiler, sys.dm_io_virtual_file_stats and SHOWPLAN.
Any of the following reduces these waits:
1. Adding additional IO bandwidth.
2. Balancing IO across other drives.
3. Reducing IO with appropriate indexing.
4. Check for bad query plans.5. Check for memory pressure
We can also corelate this wait type between Memory pressure and Disk IO subsystem issues.