The big news in mobile today has been Nokia's bid for digital map supplier Navtaq (Google News: Nokia Navteq).

Hot on the heels of TomTom's plan to acquire mobile-mapping company Tele Atlas, Nokia has announced an agreement to acquire Tele Atlas rival Navteq for $8.1 billion.

Analysts say the moves, if approved, will effectively create a duopoly in the mobile mapping market.

"There are no independent map suppliers left in the market,” said John Strand, CEO of Copenhagen-based consulting firm Strand Consult.

The deal calls for Nokia to pay $78 for each share of publicly traded Navteq in a transaction that will be financed roughly half by debt and half from Nokia’s cash horde. (Red Herring)

So what does this deal mean? Reuters has already put together a short analysis:

The $8.1 billion bid for Navteq, if successful, could make the world's largest cell phone manufacturer a leading player in the navigation business, which is one of the technology industry's fastest-growing segments.

Nokia's financial resources, wireless technology and carrier relationships may give it an edge in creating phone-based navigation devices, analysts said. What's more, it could damage Garmin's ability to influence design decisions at Navteq, Garmin's biggest map supplier.

Of course there is the Google angle:

An industry executive speaking on the condition of anonymity said Google may decide it needs access to a digital map database, especially if the widely rumoured Google phone turned out to be a real product. Google is already taking comprehensive pictures of cities for its online maps system.

And what about TomTom?

TomTom's position as Europe's leading maker of car navigation devices could also be threatened by an aggressive move into the navigation segment by Nokia, if it can convince consumers they do not need a separate navigation device.

"That is not an imminent risk, but a couple of years out, if Nokia has the ability very tightly and nicely integrate functions, get the form factor and services and the pricing right, it could prove a very interesting alternative," Oberdorfer said.