News has only just surfaced of Facebook’s massive $1 billion acquisition of Instagram, and now we’re left wondering what’s to happen next.

There may have been a full-fledged bidding war between Google and Facebook over Instagram, but no matter what, it looks more than likely that Google will soon buy an Instagram competitor — and fast.

Given the two giant’s extreme competitiveness over the advertising and social space, the pressure is on Google now to try and push Facebook out of the ring. The only problem is, Facebook now has the king and Instagram likely won’t budge for some time. More than anything, I bet the search giant will quickly splurge on something that’s second-best just to stay competitive.

Right now, Google is truly missing out on the photo space, despite its success with video. It nabbed YouTube and turned it into one of its best properties, but has it lost the chance to make a mark on mobile photo sharing? Since photo sharing is bound to become an even more important aspect of Facebook, Google+ will soon have to up its game as well.

As for what could be on Google’s plate, EyeEm‘s stylish app with a focus on data might be up for grabs. PicYou, which we’ve covered in the past, is another app that is growing fast. Hipstamatic, another popular player, has long been an alternative app for vintage iPhonography.

If Google were to look to it’s own Android ecosystem instead (note: Instagram is already Android’s #1 free social app), it’s likely that PicPlzPixlr-O-MaticLightbox PhotosHipster, Pudding Camera and SteamZoo will be on its list.

The bottom line? It’s a good time to be an Instagram competitor, but Google can’t be enjoying itself right now.

Check out more of TNW’s coverage on Instagram’s acquisition: