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Globally here means that any application running on a particular machine can access same cache.
This global assemblies cache is known as the GAC.
This means multiple Web applications can use the same assembly without you having to copy the same assembly to the bin folder in every other applications root directory.
The GAC is a vital element in the deployment Architecture, allowing multiple Web applications to use the same assembly across single servers.
A practical and powerful application of code reuse.
Web Applications can have any number of assemblies, it's perfectly possible for any application to 10 or more assemblies.
Obviously using the GAC to maintain and help manage the versioning of multiple assemblies across multiple Web applications becomes higly recommended.