A content addressable memory (fully associative) has one comparator for each memory cell. When a value is to be searched for within the content addressable memory, all of the memory cells are read and compared at the same time (in parallel), in one memory + one compare cycle, and then if there is a match, the address is returned based on which cell had the match.
In a normal search for a value in memory only one memory cell is read and compared at a time. In the simplest implementation, every cell in the memory would have to be read and compared one at a time until a match was found or all memory cells were read (and no match found).
In some situations, multiple matches are possible. The comparator outputs from the CAM go into an array of bits, and one of the matches will be converted into an address. This could be repeated to obtain a list of addresses if needed.