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Security contexts are virtualized firewalls inside a single physical firewall. There are3 types of security contexts: Admin, System space, and customer. Each provides a specific set of functions.
The context in ASA are useful when you have multiple customer on same box and you don't want any customer to have access to other customer data unless explicitly allowed.
A context ables us to provide customer an illusion that he alone is using the box in a shared environment.
With respect to admin and system context, system is used to distribute your hardware resources between multiple customer while admin is used to manage their resource.
