From what I can tell, there are various screen space effects like SSIL that are essentially ambient occlusion but with GI. Those are extremely low range, but are pretty good at what they do.
Then there are also things like SEGI which essentially voxelize the space around the camera and does raytracing on this small voxel volume. It's pretty impressive and has a longer range but is also quite power hungry.
Then there is true raytracing on nVidia's cards... But to be perfectly honest, from what I read/saw it's really shitty on performance (especially at higher resolutions) for nearly no quality increase over traditional lightmapping + post processing, and that's going to remain the case for the next couple of years. I guess nVidia is just trying to shove a useless product down consumers' throats to make some easy money, like it did with PhysX, GSync and 3DVision (although those are all pretty good techs but all abandoned by nvidia). Let's just hope this is not again one of their cash grabs and it actually lives longer than 2-3 years, because from what I can tell, THIS would be extremely useful to improve lightmapping tools, and on the very long term might actually become useful in video games. However movie and game companies are so used to lightmapping taking hours that no one else feels the need to finance such an expensive tech - hence making gamers pay for it instead.
(Well, at least that's what I'm guessing from various articles on the net, but then I'm no expert in those things either )