Yes, the contingent spell will still require concentration.
In 5e spells do only what they say they do. Contingency says nothing about modifying the effects of the contingent spell.
You cast that spell--called the contingent spell--as part of casting contingency, expending spell slots for both, but the contingent spell doesn't come into effect. Instead, it takes effect when a certain circumstance occurs. [...]
The contingent spell takes effect immediately after the circumstance
is met for the first time, whether or not you want it to, and then
The only things contingency changes about the spell are that the effect is delayed until the condition is met and the target is changed to only target the person who cast contingency. Nothing about changing concentration or duration.
Compare this to Glyph of Warding (a spell that is similar in some ways to contingency) which specifically says:
If the spell requires concentration, it lasts until the end of its
Since there is no such wording in contingency, there is no reason to think that it does change anything to the contingent spell except what it is written in the spell effect already. Thus, the contingent spell will require concentration once it is triggered.
Official ruling - concentration is required
Jeremy Crawford agrees with the above in this clarification:
Q: Contingency: if the spell stored requires Concentration, do you
need to maintain concentration on it when Contingency is triggered?
A: The contingent spell stored by contingency doesn't come into effect
until its condition is met. When that happens, the contingent spell
functions as normal, including its duration.