I wrote this answer about four years ago and my opinion hasn't changed. But since then there have been significant developments on the micro-services front. I added micro-services specific notes at the end...
I'll weigh in against the idea, with real-world experience to back up my vote.
I was brought on to a large application that had five contexts for a single database. In the end, we ended up removing all of the contexts except for one - reverting back to a single context.
At first the idea of multiple contexts seems like a good idea. We can separate our data access into domains and provide several clean lightweight contexts. Sounds like DDD, right? This would simplify our data access. Another argument is for performance in that we only access the context that we need.
But in practice, as our application grew, many of our tables shared relationships across our various contexts. For example, queries to table A in context 1 also required joining table B in context 2.
This left us with a couple poor choices. We could duplicate the tables in the various contexts. We tried this. This created several mapping problems including an EF constraint that requires each entity to have a unique name. So we ended up with entities named Person1 and Person2 in the different contexts. One could argue this was poor design on our part, but despite our best efforts, this is how our application actually grew in the real world.
We also tried querying both contexts to get the data we needed. For example, our business logic would query half of what it needed from context 1 and the other half from context 2. This had some major issues. Instead of performing one query against a single context, we had to perform multiple queries across different contexts. This has a real performance penalty.
In the end, the good news is that it was easy to strip out the multiple contexts. The context is intended to be a lightweight object. So I don't think performance is a good argument for multiple contexts. In almost all cases, I believe a single context is simpler, less complex, and will likely perform better, and you won't have to implement a bunch of work-arounds to get it to work.
I thought of one situation where multiple contexts could be useful. A separate context could be used to fix a physical issue with the database in which it actually contains more than one domain. Ideally, a context would be one-to-one to a domain, which would be one-to-one to a database. In other words, if a set of tables are in no way related to the other tables in a given database, they should probably be pulled out into a separate database. I realize this isn't always practical. But if a set of tables are so different that you would feel comfortable separating them into a separate database (but you choose not to) then I could see the case for using a separate context, but only because there are actually two separate domains.
Regarding micro-services, one single context still makes sense. However, for micro-services, each service would have its own context which includes only the database tables relevant to that service. In other words, if service x accesses tables 1 and 2, and service y accesses tables 3 and 4, each service would have its own unique context which includes tables specific to that service.
I'm interested in your thoughts.