Internet of Things, huh?

Besides Cloud, Mobile, Big Data, Open Source and Cross Platform there's seems to be much a do about Internet of Things.

Personally, I don't know much about it.  If I had to venture a guess, I'd say that electronic devices will communicate with the Cloud, relaying back information at periodic intervals, to  store into a database.

Perhaps these electronic devices will have sensors or RFID chips.

Now here's what I don't get, who's working on this?  Database people?  Software people?  Hardware people?  Network people?  Working in tandem with vendors such as refrigerator and stove makers.  It doesn't make sense.

I can understand people's excitement around knowing when the ice tray needs to be changed or when the room temperature in the home exceeds 82 degrees.  Other than that I'm not sure what all the hoopla is about.  And I don't see how I fit into these schema aside from crunching data on the back end.

What am I missing here?