If $A$ and $B$ are sets then $A^B$ is the collection of functions from $B$ to $A$. When you see the notation $2^X$, where $X$ is a set, we're also considering $2$ as a set, in fact $$2=\{0,1\}.$$ So $2^X$ is the collection of all functions mapping $X$ to $\{0,1\}$.
It's been stated in a comment that $2^X$ is the power set of $X$, that is, the collection of all subsets of $X$. That's not literally true, but there's an obvious and standard one-to-one correspondence between $2^X$ and the power set of $X$, given by $f\mapsto\{x:f(x)=1\}$.