The Japanese engineer created many popular drum machines, including the iconic TR-808.
Its sound is a staple of hip-hop and electronic music, used by everyone from Kanye West to Marvin Gaye.
Kakehashi received a technical Grammy in 2013 for contributions to electronic music technology.
Dave Smith - Kakehashi's co-winner - told the BBC he "was just an amazing man, a good friend, a very good competitor of course and just innovative continually all that time".
Before leading Roland for 40 years, Mr Kakehashi founded Ace Tone in the 1960s.
The firm made amplifiers and primitive drum machines, laying the groundwork for the engineer's future success.
The sound of the TR-808 proved a game-changer in the 1980s and 90s.
It appears on Marvin Gaye's "Sexual Healing", and in the opening bars of Whitney Houston's "I Wanna Dance with Somebody".
Rapper Kanye West's 2008 album 808s & Heartbreak showcases the machine throughout.
Musicians have shared their tributes to Mr Kakehashi online, calling his impact immeasurable.
Marc Almond of synthpop duo Soft Cell called him "a man who changed music".
Martyn Ware, who played keyboards for The Human League, told the BBC: "Roland was central to everything that we did for the whole of the first two albums - they featured on every track."
"We were loyal to them like people would be loyal to a football team."
In 2015 the TR-808 was the subject of a documentary featuring Pharrell Williams, Fatboy Slim, and Phil Collins - among many others.
In a farewell to Mr Kakehashi, his colleague for almost four decades, Roland developer Tommy Snyder wrote: "He was a super funny, wonderful and gifted human being, and his contributions to the musical instrument world, and music, touched millions of people worldwide. RIP dear Taro."

Three houses were searched in Lisburn, Belfast and Antrim in connection with the seizure.
A man interviewed by police was later released, pending further enquiries.
Detectives worked alongside officers from the National Crime Agency in the operation.

"After eight wonderful years on The X Factor it's time for me to move on," he said in a statement.
"I'd like to thank ITV, Simon [Cowell], The X Factor family and particularly the viewers, all of whom have been a big part of my life for so long."
The 41-year-old took over from Kate Thornton in 2007 as host of the popular talent show.
The presenter and broadcaster currently presents a show on Radio 2 and recently completed a 24-hour dance challenge for Comic Relief.
"I'd like to wish the team all the best for the future, especially whoever takes over from me," O'Leary continued.
"You're about to be the conductor on the most brilliant, runaway train in showbiz. Good luck you'll love it!"
The news of his departure may fuel speculation that O'Leary is a contender to replace Jeremy Clarkson on the BBC's Top Gear.
Before Friday's announcement, William Hill had O'Leary as 6-1 to take over following the BBC's decision not to renew Clarkson's contract earlier this week.
Before The X Factor, O'Leary hosted Big Brother's Little Brother, Channel 4's companion show to its long-running reality show.
He has presented on BBC Radio 2 since 2004 and has hosted the National Television Awards since 2010.
Bookmakers Ladbrokes have made singer Olly Murs, a former X Factor runner-up, favourite to take over the vacant presenting role.
A spokesman for ITV said O'Leary had been "a fantastic host of The X Factor" and that the channel was "sorry to see him go".
"We wish him all the very best for the future and hope that he'll be back on ITV screens soon."
The music world is mourning the loss of Roland founder and electronic instrument pioneer Ikutaro Kakehashi, who has died aged 87.
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Police say they have seized herbal cannabis worth £100,000 that was destined for Northern Ireland.
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Dermot O'Leary will no longer host ITV's The X Factor after eight years on the programme.