I have heard about various systems and prediction softwares. Do these work on live roulette?

No. You need to understand that changing how you bet does not affect the long term outcome of roulette.

This is because of the payout odds of 35 to 1 and roulette wheel having 37 numbers on the wheel.

It means that you get paid less than the likelihood of a number being spun is (assuming every spin is random).

Martingale (also known as red or black and double on your loss strategy) does not work because of the betting limits and the risk of landing on zero. Other systems have similar problems too.