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Out of loving ecstasy for Kṛṣṇa, his friend, Arjuna is offering his respects from all sides. He is accepting that He is the master of all potencies and all prowess and far superior to all the great warriors assembled on the battlefield. It is said in the Viṣṇu Purāṇa (1.9.69):

yo ’yaṁ tavāgato deva samīpaṁ devatā-gaṇaḥ sa tvam eva jagat-sraṣṭā yataḥ sarva-gato bhavān

“Whoever comes before You, even if he be a demigod, is created by You, O Supreme Personality of Godhead.”