This is a single-element, 8-bit non-inverting buffer with 3-state outputs. The output drive capability — 32 mA source, 64 mA sink — is sized for driving moderate capacitive loads on parallel data buses or fanning out to multiple CMOS inputs without external line drivers.
Where it fits in the 74FCT family
The 74FCT series is a high-speed, low-power BiCMOS logic family that is functionally compatible with the 74F (Fast) series but with reduced quiescent current. The CY74FCT541ATQCT is a direct drop-in for any 74FCT541 or 74F541 footprint, though the 74FCT variant typically draws lower supply current at the same propagation delay. If you need a transceiver (bidirectional) instead of a buffer, the SN74ABT2245DW or SN74LVTH16245ADGVR are 8-bit transceivers with similar supply voltage ranges, but note the different pinouts and direction-control pins.